Roc Oil, Dialog sign farm-out LoI for Malaysian offshore fields
- Business & Finance
Roc Oil plans to divest part of its stake in a Production Sharing Contract offshore Malaysia.
Roc Oil (Sarawak) Sdn Bhd, a wholly owned subsidiary of ROC, has entered into a Letter of Intent to farm-out a 20% participating interest in the Production Sharing Contract (PSC) for the three fields D35, D21 and J4 (Fields), located offshore Malaysia to Dialog Resources Sdn Bhd (Dialog).
The fields are located offshore Malaysia in water depths of approximately 50 metres.
The Dialog farm-in will reduce ROC’s participating interest to 30%. The farm-out is subject to PETRONAS approval, joint venture approval and completion of documentation.