ConocoPhillips ends RM13.7bil Sarawak deepwater project to refocus global priorities
KUALA LUMPUR: ConocoPhillips' decision to withdraw from operating the Salam-Patawali deepwater oil and gas (O&G) field project off Sarawak was made following an assessment of the company's global portfolio.
The field was discovered in 2018 through a 50:50 joint venture with Petroliam Nasional Bhd (Petronas) and the project was expected to cost RM13.7 billion (US$3.13 billion).
"ConocoPhillips has elected not to progress development of the WL4-00 project based solely on prioritisation within the company's global portfolio," it said in a statement.
The withdrawal was first reported by a news outlet on April 15, with subsequent reports indicating that the decision was made earlier this month.
According to ConocoPhillips' factsheet on its Asia Pacific operations dated April 2024, it has exploration, development and production activities across about 2.7 million net acres in Malaysia.
As of April 2024, ConocoPhillips' operations in Malaysia cover 2.7 million net acres across exploration, development and production activities, according to the group's Asia Pacific factsheet.
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