Najib Witnesses Agreement Signing For US$12 Billion World's Biggest Offshore Oil Project

rime Minister Datuk Seri Najib Tun Razak monday witnessed the signing ceremony for the world's biggest offshore enhanced oil recovery (EOR) project totalling US$12 billion over 30 years between Petronas and Shell Malaysia.

Under the production-sharing contract for two EOR offshore projects in Sarawak and Sabah, the oil companies will develop nine oilfields in the Baram Delta and four in the North Sabah development area using EOR or other appropriate related technologies.

Najib said the project is expected to see several key benefits of national importance, including building local capabilities in a niche technology area, as well as increasing the average recovery factor in the Baram Delta and North Sabah fields from around 36 per cent to 50 per cent.

"If realised, the technology will also be able to extend the field's life to beyond 2040," he said in his speech after the signing ceremony.

Petronas Carigali (operator) has a 60 per cent interest in the Baram Delta EOR PSC while Shell Malaysia, via Sarawak Shell, holds the remaining 40 per cent.

The partners own an equal 50:50 per cent interest in the North Sabah EOR PSC, to be operated by Shell Malaysia, via Shell Sabah Selatan, and their financial commitment for the two EOR projects will amount to US$12 billion over the 30-year period from January 2011.

Petronas President and Chief Executive Officer (CEO) Datuk Shamsul Azhar Abbas signed on behalf of Petronas, while Shell was represented by its CEO, Peter Voser and Petronas Carigali by its President, Datuk Abdullah Karim.

Najib said the improvement in the recovery efficiency of the oil field is expected to positively impact Malaysia's oil reserves and benefit the country as a whole.Fotze wichsen beim live Webcam ficken bei ist und den dreckigen Huren beim Gay Sex Cams zu sieht macht es geil und man will mit dabei sein. Die stinkenden Mösen hast du hier Livecam anschauen. Dutzende mehr Luder beim Ficken musst du da Anal Sex Cams bestaunen. Oder hier beim IPhone Sex . Noch mehr geiles gewichse bekommst du hier Webcam Sex .