The PSC is due to expire at the end of this month. EnQuest will pay ExxonMobil $67 million in cash and will enter into a transition services to ensure a smooth transfer of the assets.
Seligi is an 80-sq km (30.9-sq mi) oil field 240 km (149 mi) off peninsular Malaysia in a water depth of 73 m (239 ft). It has been developed via the Seligi-A production platform/gas compression platform complex.
Seven minimum facilities satellite platforms are tied back to Seligi-A. Four of these were installed to develop the Lawang, Langat, Serudon, North Raya, South Raya, and Yong fields in PM8. To date they have produced around 100 MMbbl of oil from the original 180 MMbbl in place.
EnQuest will enter an agreement with Petronas to extend development and production from PM8 and Seligi through 2033.