Exxon Mobil Transfers Operations of Malaysian Assets to Petronas

Bollywood Fever: Exxon Mobil Corp has announced plans to transfer the operations of all assets under two production-sharing contracts in Malaysia to the state energy company Petronas. This decision, confirmed on Saturday, comes after Reuters reported that Exxon Mobil had agreed to sell its Malaysian oil and gas assets to Petronas.

However, ExxonMobil Exploration and Production Malaysia Inc. (EMEPMI) clarified in a statement to Reuters that this move is not a sale and that there will be no changes to EMEPMI’s working interest in the Production Sharing Contracts. This does not impact our other businesses in Malaysia — we remain committed to conducting business here as we have for more than 130 years,” the company emphasized.

Despite this transfer of operations, Exxon Mobil reaffirmed its longstanding commitment to its Malaysian operations and highlighted that its other businesses in the country would remain unaffected.

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