Hess and PETRONAS Sign Partnership Agreements to Develop North Malay Basin
Hess Corporation (NYSE: HES) announced today that it has signed agreements with PETRONAS to develop the North Malay Basin, located offshore Peninsular Malaysia.
The agreements creating the North Malay Basin Integrated Gas Development Project include amendments to the existing Production Sharing Contract for Block PM302, which is operated by Hess. The amendments enlarge the contract area to include nine discovered fields in the North Malay Basin for production of natural gas.
PETRONAS has also awarded Blocks PM325 and PM326B to Hess and PETRONAS Carigali that will be explored, appraised and developed.
"The North Malay Basin Integrated Gas Development Project is consistent with our strategy to invest in long life, low risk reserves with attractive returns and exploration upside. It also builds upon our strategic partnership with PETRONAS," said Greg Hill, President of Worldwide Exploration and Production for Hess.
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