SHELL has completed the sale of its stake in two offshore production-sharing contracts in Malaysia’s Baram Delta to Petroleum Sarawak Exploration & Production.

The oil major announced in December it was divesting the stakes for US$475 million.

“This divestment is in line with Shell’s work to focus its Upstream portfolio. Shell retains a strong presence in Malaysia’s upstream, gas-to-liquids, downstream and business services sectors,” the company said in a statement on Wednesday (Mar 15).

Sarawak Shell, a subsidiary, had held 40 per cent and 50 per cent stakes in the Baram Delta EOR and SK 307 production sharing contracts, respectively.

The remaining interests in both production-sharing contracts are held by the operator, Petronas Carigali, the exploration and production arm of Malaysia’s state energy company Petronas. REUTERS