MOBIL PLANS EXPLORATION PROGRAM IN DEEPWATER AREA OFF MALAYSIA

Production sharing contracts signed by Mobil Corp. and Malaysian state oil company Petroliam Nasional Bhd. (Petronas) call for an exploration campaign in the South China Sea off Sarawak. The contracts for Blocks SK-A and SK-B are Malaysia's first deepwater acreage awards. They also are the first acreage awards in Malaysia since February 1991. Wood Mackenzie Consultants Ltd., Edinburgh, said the awards contain the first significant revisions to Malaysia's fiscal regime since 1985.

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