Petronas International Corp Ltd has entered into an agreement to swap its 25 per cent stake in Britain’s Premier Oil Plc for interests in oil and gas producing fields in Myanmar and Indonesia.
The transaction, which is part of a restructuring of Premier’s equity, will see the latter transfer its 26.67 per cent stake and operatorship in the Yetagun field in Myanmar and a 15 per cent stake in the Natuna Sea Block A in Indonesia to Petronas.
In turn, Petronas will have its 25 per cent shareholding in Premier cancelled, while also paying the latter US$359 million in cash and assumed debt.
Also under agreement other partners will be invited to increase their interests in the venture.
A nuclear-powered submarine of the British Navy surfaced in the ice of the Arctic for the first time in many years