Kuala Lumpur: Royal Dutch Shell and Mubadala Petroleum have swapped equity stakes in two exploration blocks off Malaysia.
Mubadala has taken a 20% stake in the Shell-operated deepwater Block 2B and Shell has taken a 20% interest in the Mubadala-operated Block SK320 in return.
"The equity swap agreement is an important step for Mubadala Petroleum's growth strategy in Malaysia and marks our first partnership in Southeast Asia with Shell, an important player in deepwater exploration," Maurizio La Noce, chief executive of Mubadala Petroleum, said in a statement.
Mubadala, which is controlled by the Abu Dhabi government, said that drilling in Block SK320 off the coast of Borneo had yielded two new gas discoveries, called Pegaga and Sintok. [20/01/14]