Exxon Corp. plans during the next 10 years to match its investment in Malaysia of about $6.2 billion since 1965.
Of the total planned outlays, about $5.8 billion will go to upstream work and the remainder downstream.
Esso Production Malaysia Inc. plans to add 30 platforms on Blocks 5 and 8, doubling the existing number, under an expanded production sharing contract (PSC) signed with state owned Petronas this year. Under the new agreement, fields Esso operates under a 1978 PSC will be divided into two new joint ventures (JVs), with state owned Petronas Carigali and Esso as cocontractors effective Apr. 1, 1995. Esso will hold a majority interest in the first JV, 1995 PSC, which contains Guntong, Seligi, Tapis, Tabu, Palas, Irong Barat, and Semangkok producing fields. Esso also will continue to operate related processing and terminal facilities.
Esso will hold a minority interest in the second JV, PM 8 PSC, that includes Pulai, Tinggi, Bekok, Tiong, and Kepong producing fields and PM 8 exploration rights. Petronas will operate PM 8 PSC except for Bekok C platform, hub of Esso's southern gas gathering system.
Downstream, Esso Malaysia Bhd. plans to increase capacity of its 56,000 b/d Port Dickson refinery by 30-40%. Work is to begin in 1994 and be complete a year later. In addition, Esso plans to add 10-15 service stations/year the next 10 years.
Esso also is a participant in Malaysia's Peninsular Gas Utilization project.
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