Petronas continues to build on its gas resources in Asia as the region moves away from coal into cleaner sources of energy with the acquisition of a 10% stake in a gas field in onshore Oman from Oman Oil Co Exploration & Production (OOCEP).
The acquisition made by Petronas? subsidiary PC Oman Ventures Ltd (PCOVL) is part of Petronas? growth strategy of moving into the upstream sector in the region and globally.
Block 61 which includes Khazzan and Ghazeer gas fields, is one of the largest unconventional gas projects, that aims to produce around 1.5bn cubic feet of gas daily by 2020 making the purchase a coup of sorts for Petronas which is betting big on gas which represents 70% of its portfolio.
Apart from Oman, Petronas has also acquired a 25% stake in Shell?s $14bn Canadian LNG project in British Columbia.
Japan and China are Petronas? biggest markets for LNG and the Chinese market is tipped to grow even bigger as it seeks to replace coal with gas.
Petronas is also eyeing the growing India market and its proximity to Oman may bode well for the future of its Oman purchase.
Sourced from hydrocarbons-technology.com