Shell will collaborate with Petronas Malaysia to develop oilfields

Malaysian National Petroleum Corporation announced on the 11th that local time, it has agreed with Shell Oil Company to use more efficient oil extraction technology to develop oil fields in Malaysia.

Malaysian Oil Company stated that the above-mentioned cooperation with Shell Company amounted to US$12 billion, and Malaysian state-owned oil companies can share the technology of Shell Company to further increase the exploitation of the oil fields in the country and extend the oilfield's exploitable time. Petronas Malaysian Oil Company previously faced a continuous decline in oil production due to the long oil field (average 19 to 28 years). The company plans to invest 50 billion to 55 billion ringgit (about 15.8 billion) in the next five years. To 17.4 billion U.S. dollars) to re-exploit old oil fields and find new ones. The company also adopted a series of tax incentives last year to increase the oil output of mature oil fields, including tax cuts for newly-developed oil fields and active restoration of oil production in old oil fields.

Data as of January 1 last year showed that Malaysia produced about 658,000 barrels of crude oil per day. The country is expected to become a net importer of crude oil by 2013.