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ConocoPhillips Pulls Out Of US$3.1 Billion Sarawak Project, A Result Of State Rift With Petronas

Business Today LogoBusiness Today21h ago

ConocoPhillips Pulls Out Of US$3.1 Billion Sarawak Project, A Result Of State Rift With Petronas - Business Today

Quick Summary:

A protracted rift between Malaysia’s national oil corporation Petronas and the Sarawak state government appears to be causing investor disquiet following a surprise withdrawal by United States oil firm ConocoPhillips from an oil project off the Borneo coast.

The Salam-Patawali exploration block encompasses 300,000 net acres primarily in the Salam and Benum fields off southern Sarawak.“The company continues to evaluate the block and information from prior well results.

Industry executives told CNA that ConocoPhillips’ move was in part driven by the uncertain regulatory environment arising from the spat between Petronas and the state government headed by Premier Abang Johari Openg.

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Article Details

Author / Journalist: Editor

Category: EconomyBusiness

Markets:

Topics:

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-04-29 @ 02:02:19 (21 hours ago)

News Timezone: GMT +8:00

News Source URL: businesstoday.com.my

Language: English

Article Length: 948 words

Reading Time: 6 minutes read

Sentences: 38 lines

Sentence Length: 25 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Today

News ID: 28277652

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About Business Today

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Main Topics: EconomyBusiness

Official Website: businesstoday.com.my

Update Frequency: 45 posts per day

Year Established: 2001

Headquarters: Malaysia

News Last Updated: 9 hours ago

Coverage Areas: Malaysia

Ownership: Independent Company

Publication Timezone: GMT +8:00

Content Availability: Local / Regional

News Language: English

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API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #72

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