Repsol’s Malaysian subsidiary to invest RM600 mn in oil & gas projects

Repsol Oil and Gas Malaysia Ltd, a subsidiary of the Madrid, Spain-based global energy company Repsol Group, is investing around RM600 million in oil and gas projects in Malaysia.

Two oil platforms and several wells will be constructed at Peninsular Malaysia 3 (PM3) near the border with Vietnam and at Medan Kinabalu off Sabah waters.

Farid Jaafar, the company’s communication, government relations and community senior general manager, said works for the projects would start at by the end of 2017 and early 2018, respectively.

He said the projects would generate employment and business opportunities for locals.

“Despite the slowdown in the oil and gas sector, Repsol is still expanding due to our commitment and business strategy,” he said after the presentation of the Repsol Initiative and Motivation Awards for UPSR and PT3 Outstanding Students of the Fishermen’s Community in Labuan last week.

He said the company had not implemented any downsizing or staff retrenchment.

In Malaysia, Repsol has been carrying out crude oil operations and natural gas production in the area bordering Malaysia and Vietnam since 2001, and also off the coast of Sabah since 2013.

Meanwhile, Farid said Repsol would continue to play its part in rendering assistance to people at large, especially the needy, as part of its corporate social responsibility.“Our focus is on education, safety, health and human capital development,” he added.

Repsol Malaysia is an integrated oil and gas company operating in 40 countries.