Kuala Lumpur: New York-listed ConocoPhillips has confirmed the start of oil production from the Gumusut-Kakap Floating Production Facility, located approximately 75 miles offshore Sabah, Malaysia.
The project is expected to add approximately 60,000 barrels of oil equivalent per day to the company's production volumes by 2017. The Gumusut-Kakap field is expected to contribute up to 25% of the country’s oil production.
Sabah Shell Petroleum and ConocoPhillips Sabah each hold a 33% interest in the development. Petronas holds a 20% interest and Murphy Sabah Oil holds a 14% interest. [09/10/14]