Petronas has entered into an agreement to sell the oil production business of its United Kingdom subsidiary, Star Energy Group Ltd, to IGas Energy Plc.
The national oil company would focus on optimising the Humbly Grove Gas Storage facility which would remain with Petronas, the company said in a statement today.
Star Energy is expected to produce an estimated 2,800 barrels of oil equivalent per day this year.
"Petronas also entered into a long-term gas supply agreement with IGas Energy, through its London-based subsidiary, Petronas Energy Trading Ltd, to offtake up to 150 billion cubic feet of natural gas produced by IGas Energy.
"The transaction is in-line with Petronas' strategy to focus on growing its European asset returns through marketing and trading," Petronas added.
The company, already optimising all Humbly Grove gas storage capacity since April 2011 through Petronas Energy Trading, is continuing to grow and diversify its European energy portfolio for enhanced returns and growth for the long-term.
