Petronas is in the process of selecting a partner to co-develop its SK316 gas field in Sarawak and not wanting to sell it as reported by some media, said its president and chief executive officer Datuk Wan Zulkiflee Wan Ariffin.
“SK316 exercise is to find partners that have the technology to develop and do more explorations in that block and now we are the process of selecting our partner,” he said in clarifying reports that Petronas was considering selling its stake in the SK316 offshore gas block.
SK316 involves very high sour gas and very high carbon dioxide content which are of high risk, thus, requiring high technology to develop the field.
Reuters in a recent report said that Petronas was considering selling up to 49% stake in the SK316 offshore gas block for up to US$1bil (RM4.41bil) in a move to raise cash and cut development costs.