Latest news with #BlockWL4-00
Free Malaysia Today
02-05-2025
- Business
- Free Malaysia Today
SUPP man sees silver lining in ConocoPhillips exit from Sarawak project
Batu Kitang assemblyman Lo Khere Chiang said if Petronas could form joint ventures and operate oil fields, so could Petros. (File pic) PETALING JAYA : ConocoPhillips's decision to exit the Salam-Patawali deepwater oil and gas field has not closed the door to future investments by the US oil giant in Sarawak, an assemblyman says. Lo Khere Chiang of the Sarawak United Peoples' Party said the project was still at the feasibility stage, the Borneo Post reported. 'It (the door to future investments) could very well remain open for ConocoPhillips to re-engage, this time with Sarawak represented by Petros and on terms that are fairer for Sarawak,' he was quoted as saying, referring to the state's sole gas aggregator. ConocoPhillips said on April 30 that it had elected not to progress with the development of the deepwater oil and gas field, also known as Block WL4-00, 'based solely on prioritisation within the company's global portfolio'. Block WL4-00, discovered jointly with Petronas in 2018, was developed under a 50:50 joint venture. Lo said a more balanced structure could take the form of a 50:50 joint venture between Sarawak and ConocoPhillips, adding that the state government might still allocate 5% to the federal government. 'If Petronas can form joint ventures and operate oil fields, then so can Petros, with proper capacity-building and strategic partnerships,' he said. The Batu Kitang assemblyman added that even when the national oil company holds a 50% stake, the actual operational work is still carried out by international companies like Shell or ConocoPhillips. He said if ConocoPhillips chose to step away, other companies would decide to invest, especially if Sarawak remained open to international investors and offered a transparent, fair, and mutually beneficial investment climate.
The Star
30-04-2025
- Business
- The Star
ConocoPhillips confirms exit from RM13.7bil Salam-Patawali deepwater project
KUALA LUMPUR: US oil major ConocoPhillips has confirmed it will not proceed with the RM13.7bil Salam-Patawali deepwater oil and gas project, also known as WL4-00, off the coast of Sarawak. '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 brief statement. The deepwater oil and gas field, discovered jointly with Petronas in 2018, was developed under a 50:50 joint venture. According to its website, ConocoPhillips Sarawak Ltd holds a 50% working interest and is the operator of Block WL4-00, which spans 0.3 million net acres, primarily covering the Salam and Benum fields. Earlier, Channel News Asia (CNA) reported that ConocoPhillips had quietly exited the project this month. The withdrawal was first reported by Upstream Online, a leading news platform for the oil and gas industry, on April 15. Industry executives told CNA that ConocoPhillips' move was in part driven by the uncertain regulatory environment arising from the spat between Petronas and the Sarawak state government.
