Shell completes sale of equity interest in the North Sabah EOR Production Sharing Contract in Malaysia to SEA Hibiscus

Shell has completed the sale of its 50% equity interest (Sabah Shell Petroleum Company Limited 25% and Shell Sabah Selatan Sendirian Berhad 25%) in the 2011 North Sabah EOR Production Sharing Contract (PSC) in Malaysia to SEA Hibiscus Sendirian Berhad.

SEA Hibiscus Sendirian Berhad is an indirect wholly owned subsidiary of Hibiscus Petroleum Berhad.

The PSC encompasses the Labuan Crude Oil Terminal (LCOT), and the fields of St Joseph, South Furious, SF30 and Barton, all located offshore Sabah, Malaysia.

With this, SEA Hibiscus Sendirian Berhad will have a 50% equity stake and operator ship of the PSC and its assets. Petronas Carigali Sdn Bhd is a partner with 50% equity in the said PSC. This transaction is part of Shell’s review of its Upstream portfolio, to focus on acreage positions that hold or can reach the scale required by Shell.

Malaysia continues to be an important country for Shell. Shell’s Sabah portfolio is contributing significantly to Malaysia’s economy through deep-water projects like Gumusut-Kakap and Malikai, and remains committed to further exploration in Malaysia. Shell is also the leading retail fuels and lubricants provider and continues to invest in growing these businesses in the country.

(EOG)

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