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Malaysia and Brunei formalise unitisation agreement for offshore oil fields

Kuala Lumpur, 7 April 2021 – Malaysia, through its national oil company Petronas, has formalised a Unitisation Agreement (UA) with the Government of Brunei Darussalam for the Gumusut-Kakap and Geronggong-Jagus East oil fields, which straddle the Malaysian-Brunei maritime boundary.

The formalised UA firmly attests the continuing collaboration between Malaysia and Brunei, establishing a platform for the joint development of the fields by Petronas and the National Unitisation Secretariat (NUS) of Brunei to further enhance the value derived from these assets for both countries.

The formalisation took place at Istana Nurul Iman in Bandar Seri Begawan during the 23rd Malaysia-Brunei Annual Leaders’ Consultation, witnessed by His Majesty Sultan Haji Hassanal Bolkiah and YAB Tan Sri Muhyiddin Yassin, the Prime Minister of Malaysia.

Also present were Petronas President and Group CEO Tengku Muhammad Taufik; Petronas Executive Vice President and CEO of Upstream; and Petronas Senior Vice President of Malaysia Petroleum Management. Brunei Darussalam was represented by its Acting Minister of Energy, Yang Mulia Dato Seri Paduka Awang Haji Matsatejo bin Sokiaw.

Tengku Muhammad Taufik said, “Today’s signing is indeed a testament to the synergy between Petronas and the Ministry of Energy, Brunei Darussalam, and embodies yet another step towards strengthening our long-standing relationship for greater shared success. Having now formalised this landmark agreement, Petronas believes that both parties can look forward to continuing the strong momentum towards developing our nations’ energy sectors for the long-term growth and prosperity of both Brunei and Malaysia.”

– Construction+ Online

Source: Petronas

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