Petronas, Hess Partner In $5.2B Offshore Gas Project

Law360, New York (June 21, 2012, 5:49 PM EDT) -- Malaysia's Petroliam Nasional Bhd., known as Petronas, inked a series of contracts with New York-based Hess Corp. that will see the energy giants jointly develop a $5.2 billion natural gas project off the Malaysian Peninsula, the companies announced Thursday.

Under the amended and new production-sharing agreements, which cover three adjoining blocks in the North Malay Basin, Hess will invest some $1.45 billion in the project, with net exploration and production costs estimated at $250 million for 2012 and $400 million for each of the following four...
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