PSEP completed the acquisition of a minority interest in two offshore production sharing contracts in Baram Delta from Shell for $525m.

Petroleum Sarawak Exploration & Production, a firm engaged in the export and import of crude petroleum oils, extraction of crude petroleum oils, and production of crude gaseous hydrocarbon, completed the acquisition of a minority interest in two offshore production sharing contracts in Baram Delta, a collection of oil, and oil and gas fields, from Shell, an oil and chemical group, for $525m. “This decision is in line with our work to continue focusing our portfolio. Malaysia remains one of our eight core Upstream positions worldwide and we will continue to help power the country’s progress by investing in the oil and gas needed today, as well as in the transition to a low-carbon energy system," Zoe Yujnovich, Shell Upstream Director.