Malaysia’s Petronas says open to selling assets in Africa

December 16, 2014 | Africa, Mergers, Acquisitions & JVs

Kuala Lumpur, Malaysia | – Petroliam Nasional Bhd (Petronas), Malaysia’s state oil company, said it is ready to divest certain assets in Africa if growth prospects are limited. “We are looking at where we can divest in Mauritania and Cameroon,” Sharbini Suhaili, vice-president for Petronas’ international upstream operations, said at a media briefing on Thursday.

Petronas has one block in Mauritania producing 6,000 barrels of oil a day, and several gas assets in Cameroon, he said. Unlisted Petronas, which accounts for most of the Malaysian government’s oil and gas revenue, previously said the fall in oil prices could have a short-term impact on its projects.

Brent crude remained below $65 a barrel on Thursday. “We continue to look at opportunities with value growth. We may divest if it has no value,” he said. Petronas is open to selling its assets in the two countries if it receives an attractive offer for them.