Petronas signs pact with Shell, Carigali

PETRONAS yesterday signed a production sharing contract (PSC) with Shell Exploration and Production Malaysia BV and Petronas Carigali Sdn Bhd for Block PM303 offshore Terengganu. The PM303 PSC marks the entry of Shell into exploration activities in Peninsular Malaysia to complement its existing operations offshore Sabah and Sarawak. The contract is the 13th revenue over cost PSC signed since Petronas introduced this more competitive fiscal scheme in 1997, the national oil corporation said in Kuala Lumpur yesterday. Shell will have a 70 per cent interest in the block with Petronas Carigali owning the remaining 30 per cent. The contract was signed by Petronas senior vice president (…