Petronas pulls out of Vietnam

petronas signMalaysia’s state-owned oil and gas giant Petroliam Nasional (Petronas) wants to sell its stakes in five offshore oilfields in Vietnam for a combined $300 million, two company sources said, as the firm streamlines its assets and raises funds for expansion, Reuters reported.

Petronas, like many other oil companies, is looking to sell aging and less productive oil and gas fields to invest in more profitable assets. The planned asset sale comes as Petronas taps into North America’s shale boom and further develops Malaysian oil and gas fields. The two sources did not give further details of the fields. They declined to be identified as they are not authorised to speak to the media.

Another source familiar with the deal said Bank of America Merrill Lynch had been appointed to find buyers for the stakes the company holds in the Vietnam oilfields.

Petronas, which reports fourth quarter earnings next week, could not be immediately reached, for comment while a Bank of America Merrill Lynch spokesman declined to comment. Earlier this month, Petronas picked up a half share of an offshore oilfield in Suriname for an undisclosed sum and signed a deal with Argentina’s YPF to jointly develop the Vaca Muerta shale formation – one of the world’s biggest known reserves of unconventional energy.



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Malaysia's state-owned oil and gas giant Petroliam Nasional (Petronas) wants to sell its stakes in five offshore oilfields in Vietnam for a combined $300 million, two company sources said, as the firm streamlines its assets and raises funds for expansion, Reuters reported. Petronas, like many other oil companies, is looking to sell aging and less productive oil and gas fields to invest in more profitable assets. The planned asset sale comes as Petronas taps into North America's shale boom and further develops Malaysian oil and gas fields. The two sources did not give further details of the fields. They declined...

petronas signMalaysia’s state-owned oil and gas giant Petroliam Nasional (Petronas) wants to sell its stakes in five offshore oilfields in Vietnam for a combined $300 million, two company sources said, as the firm streamlines its assets and raises funds for expansion, Reuters reported.

Petronas, like many other oil companies, is looking to sell aging and less productive oil and gas fields to invest in more profitable assets. The planned asset sale comes as Petronas taps into North America’s shale boom and further develops Malaysian oil and gas fields. The two sources did not give further details of the fields. They declined to be identified as they are not authorised to speak to the media.

Another source familiar with the deal said Bank of America Merrill Lynch had been appointed to find buyers for the stakes the company holds in the Vietnam oilfields.

Petronas, which reports fourth quarter earnings next week, could not be immediately reached, for comment while a Bank of America Merrill Lynch spokesman declined to comment. Earlier this month, Petronas picked up a half share of an offshore oilfield in Suriname for an undisclosed sum and signed a deal with Argentina’s YPF to jointly develop the Vaca Muerta shale formation – one of the world’s biggest known reserves of unconventional energy.



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Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

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