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Shell gives green light to Malaysian oil

Published By United Press International
KUALA LUMPUR, Malaysia, Feb. 5 (UPI) -- A final investment decision with a consortium of energy companies makes deep-water work in Malaysia a reality, said Shell Malaysia Chairman Iain Lo.

Shell Malaysia announced it made a final investment decision with a subsidiary of ConocoPhillips and state-owned energy company Petronas to development the Malikai oil field in the deep waters of Malaysia.

"Malikai is an exciting oil development in Shell Malaysia's upstream portfolio and will cement Malaysia's position as a regional deepwater hub and center of excellence," Lo said in a statement.

A Shell subsidiary serves as operator of the deep-water field, the third for Malaysia. It's in more than 1,600 feet of water.

Malaysia holds the third largest oil reserves in the region after China and India. The U.S. Energy Department's Energy Information Administration estimates there are 4 billion barrels of proven oil reserves there and most of that is offshore.

Shell said it would require 17 wells to develop the Malikai field.
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Race winner Bradley Wiggins of Great Britain (C) stands between second place finisher Christopher Froome of Great Britain (L) and third place finisher Vincenzo Nibali of Italy on the presentation podium following the final stage of the Tour de France in Paris on July 22, 2012. Wiggins of Great Britain became that country's first ever overall winner of the Tour de France. UPI/David Silpa