KUALA LUMPUR, Feb 10 (Bernama) — PETRONAS Carigali Sdn. Bhd. (PETRONAS Carigali), a whollyowned subsidiary of PETRONAS, has signed a Farm Out Agreement (FOA) with SMJ Energy Sdn. Bhd. (SMJE), a company wholly-owned by the Sabah State Government for the assignment and transfer of PCSB’s 20 per cent (20%) non-operating participating interest to SMJE in the 2011 North Sabah Enhanced Oil Recovery Production Sharing Contract (2011 NSEOR PSC).
Following the completion of the transaction and subject to the fulfilment of conditions precedent, PETRONAS Carigali’s non-operating participating interest will be revised to 30 per cent (30%), while SMJE will assume a 20 per cent (20%) non-operating participating interest. SEA-Hibiscus Sdn. Bhd. will continue as the operator with a 50 per cent (50%) participating interest.