British independent EnQuest has agreed to purchase ExxonMobil’s share in the offshore Seligi oil field in Malaysia and the associated PSC, the company announced on Friday.
With the acquisition, EnQuest will receive a 50 percent in the field, and assume operator responsibilities when the deal is completed.
Petronas will hold the other 50 percent.
The deal is subject to regulator approval.
Terms of the deal were not disclosed.
The Seligi oil field is EnQuest’s third project in Malaysia.
Once complete, the deal will boost the company’s net production by around 5,000 boepd and add 11 million boe to its net reserves.
EnQuest CEOAmjad Bseisu said, “This acquisition follows from our recent partnership with Petronas on the Tanjong Baram field and is a significant expansion to our Malaysian operation.”