Coastal Energy announces offshore Malaysian deal
Coastal Energy has entered an agreement with the Malaysian government owned company, Petronas, for the production of petroleum from the Kapal, Banang and Meranti cluster of small fields offshore Malaysia.
Coastal Energy has entered an agreement with the Malaysian government owned company, Petronas, for the production of petroleum from the Kapal, Banang and Meranti cluster of small fields offshore Malaysia.
Oil and gas group Coastal (with 100% equity interest) will be the operator of the so-called "KBM cluster" fields. Part of the agreement means Coastal must recruit a Malaysian company to participate in the field at a 30 - 40% equity interest.
Coastal will provide the upfront development capital and undertake the drilling while Petronas will remain the owner of the project.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Subject to its performance, Coastal will recover its capital and operating expenditures and will be paid a remuneration fee.
First oil from the Kapal field is scheduled within one year followed by production from the Banang field a year later.
BS
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Will UK inflation rise ahead of BoE meeting?
August’s inflation report will be published at 7am this morning, one day before the Bank of England’s next rate-setting meeting
-
Thousands of savers with £250k pensions take cash over tax-free money and IHT fears
With a record £70 billion withdrawn from pensions in the year to March, experts are concerned savers are making knee-jerk decisions without advice that could affect their long term wealth