KUALA LUMPUR: US oil major ConocoPhillips has confirmed its exit from the Salam-Patawali deepwater oil and gas field, also known as Block WL4-00, off Sarawak’s coast.
“ConocoPhillips has elected not to progress development of the WL4-00 project based solely on prioritisation within the company’s global portfolio,” it said in a brief statement.
The deepwater oil and gas field, discovered jointly with Petronas in 2018, was developed under a 50:50 joint venture.
The withdrawal was first reported by a news outlet on April 15 and resurfaced recently, with reports indicating that the decision was part of a “country strategy review”, which the company did not elaborate on.