March 21, 2018 / 5:59 AM / a month ago

Mubadala advances $1bn Malaysia Pegaga gas field project

KUALA LUMPUR, March 21 (Reuters) - Mubadala Petroleum said on Wednesday that the company and its partners Petronas and Royal Dutch Shell will spend more than $1 billion to develop the Pegaga gas field to produce gas by the third quarter of 2021.

The project in Block SK320, offshore Malaysia, will now proceed to the construction and installation stage, the Abu Dhabi-based company said in a statement.

Mubadala is the operator of the block with a 55 percent share while Petronas Carigali holds a 25 percent interest and Sarawak Shell holds 20 percent.

Reporting by Florence Tan, Emily Chow and A. Ananthalakshmi; Editing by Christian Schmollinger

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