ExxonMobil has reportedly entering a joint venture project with Petronas Malaysia for a recovery of an oil field, Tapis expected to begin in 2013.
The project which is estimated at $1 billion is considered by many timely in concordance with Petronas's recent announcement of re-shifting its focus backs towards domestic exploration and production and away from its wide-reaching international portfolio. It will look at reviving the 1980s Tapis which is regarded as one of the best API grades in the world and was used extensively in the Asia-Pacific benchmark.
The project which is estimated at $1 billion is considered by many timely in concordance with Petronas's recent announcement of re-shifting its focus backs towards domestic exploration and production and away from its wide-reaching international portfolio. It will look at reviving the 1980s Tapis which is regarded as one of the best API grades in the world and was used extensively in the Asia-Pacific benchmark.
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