PICL COMPLETES SWAP EXERCISE WITH PREMIER OIL

PETRONAS International Corporation Limited (PICL), a wholly owned subsidiary of PETRONAS, has today completed the transfer of its 25 per cent interest in Premier Oil Plc for the latter’s interests in producing fields in Myanmar and Indonesia.

The transaction was announced in September last year and its successful completion today effectively cancelled PICL’s 25 per cent shareholding in Premier and at the same time increased PICL’s interest in the Yetagun Gas Project in Myanmar from 30 per cent to 40.9 per cent with PICL assuming operatorship of the Project. The transaction also resulted in PICL holding a 15 per cent interest in the West Natuna Sea Block A Project in Indonesia.

PICL’s involvement in the Yetagun Gas Project in Myanmar commenced when it acquired a 30 per cent interest in the project from Texaco Inc. in 1997. The project consists of a production area within offshore Blocks M-12, M-13 and M-14 located in the Gulf of Martaban.

The joint venture partners for the Yetagun Gas Project signed a 30-year Gas Sales Agreement with Petroleum Authority of Thailand (PTT) in March 1997 and first gas from Yetagun was delivered to PTT in May 2000 through a cross-border pipeline built as part of the project. The West Natuna gas project in Indonesia on the other hand commenced its sale of gas to Singapore through a 650-km trunkline in January 2001.

Issued by
Media Relations & Information Department

Sep 12, 2003OffshoreMan

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