Shell plc has completed the sale of its stake in two offshore production sharing contracts (PSCs) in Malaysia’s Baram Delta to Petroleum Sarawak Exploration & Production Sdn Bhd.
The oil major announced in December it was divesting the stakes for US$475 million.
“This divestment is in line with Shell’s work to focus its Upstream portfolio. Shell retains a strong presence in Malaysia’s upstream, gas-to-liquids, downstream and business services sectors,” the company said in a statement on Wednesday, Reuters cited.
Sarawak Shell Bhd, a subsidiary, had held a 40% stake in the Baram Delta EOR PSC and a 50% stake in the SK 307 PSC.
The remaining interests in both PSCs are held by the operator, Petronas Carigali, the exploration and production arm of Malaysia’s state energy company Petroliam Nasional Bhd (Petronas).
