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Petronas considers US$1 billion stake sale in offshore gas project

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LNG Industry,

According to the latest Reuters report, Petronas is aiming to sell a large minority stake in a prized upstream local gas project for up to US$1 billion as it seeks to raise cash and cut development costs.

Petronas is looking to sell a stake of as much as 49% in the SK316 offshore gas block in Malaysia's Sarawak state.

Petronas, which accounts for a third of Malaysia's oil and gas revenue, has cut its dividend. The company is reportedly considering selling its majority stake in a US$27 billion Canadian LNG plant, although the company denied it.

It is now working with an investment bank on the SK316 gas block stake sale and began the process this month.

Gas from the NC3 field in the SK316 block feeds Malaysia's LNG export project, known as LNG 9, Petronas' joint venture with JX Nippon Oil & Energy Corp that started commercial production in January.

The sources said the stake is expected to include a combination of the producing NC3 gas field, the potential development of the Kasawari field in the same block and other exploration acreage in the block.

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