Mubadala, Petronas, Shell to invest US$1b in Pegaga gas field
KUALA LUMPUR: Mubadala Petroleum LLC, Petroliam Nasional Bhd (Petronas) and Royal Dutch Shell will spend more than US$1 billion (RM3.92 billion) to develop the Pegaga gas field, aiming to produce gas by the third quarter of 2021, said Abu Dhabibased Mubadala yesterday.
The project in Block SK320, located in the Central Luconia province, offshore Sarawak, would now proceed to the construction and installation stage, said the company.
Mubadala is the operator of the block with a 55 per cent share while Petronas Carigali holds a 25 per cent interest and Sarawak Shell Bhd holds 20 per cent.
The Pegaga gas field would be the first development in Malaysia for Mubadala Petroleum, which is fully owned by Abu Dhabi-based state fund Mubadala Investment Co that holds assets worth over US$125 billion.
It is a leading international, upstream oil and gas exploration and production company, recognised for its people, partnerships and operating excellence.
The company planned to build an Integrated Central Processing Platform consisting of an eight-legged jacket designed for natural gas throughput of 550 million cu ft per day plus condensate to be located in water depths of about 108m, said Mubadala.
The output would be sent through a new 38-inch subsea pipeline tying in to an existing offshore network and subsequently to the onshore Malaysia liquefied natural gas plant in Bintulu, said the firm.