Malaysia, through its national oil company Petronas, on Monday today formalized a Unitisation Agreement (UA) with the Government of Brunei Darussalam for the Gumusut-Kakap and Geronggong-Jagus East fields which straddle along the Malaysian-Brunei maritime boundary.
"The formalized UA firmly attests the continuing collaboration between Malaysia and Brunei and establishes the platform for the joint development of the fields by Petronas and the National Unitisation Secretariat (NUS) of Brunei to further enhance the value derived from these assets for both countries," Petronas said.
Petronas President and Group Chief Executive Officer Muhammad Taufik said: “Today’s signing is indeed a testament to the synergy between Petronas and the Ministry of Energy, Brunei Darussalam, and embodies yet another step towards strengthening our long-standing relationship for greater shared success.
"Having now formalized this landmark agreement, Petronas believes that both parties can look forward to continuing the strong momentum towards developing our nations’ energy sectors for the long-term growth and prosperity of both Brunei and Malaysia.”