JANUARY 16, 2012
SINGAPORE (Dow Jones)–Oil major Royal Dutch Shell PLC (RDSB.LN) said Monday it has signed two production-sharing contracts with Malaysia’s state-owned oil and gas company Petroliam Nasional Bhd. for enhanced oil recovery projects offshore Sarawak and Sabah.
The two companies had agreed in November to jointly develop the oil fields in Malaysia using enhanced oil recovery techniques, in a project that was valued at $12 billion, Petronas had said then.
The project is expected to help the Malaysian national explorer extract a greater portion of oil from its existing reserves and extend the life of its oil fields.