Petronas Keeps Mum On News Of Its Possible Exit From Argentina

KUALA LUMPUR, March 14 (Bernama) -- Petroliam Nasional Bhd (Petronas) neither denied nor confirmed news that it is evaluating a sale of its shale oil asset in Argentina, but said that it continuously reviews its business portfolio in all countries where it has investments.

“Petronas continuously reviews its business portfolio in all countries where it has investments to ensure the best possible fit with its growth strategy in the increasingly evolving energy landscape,” the national oil company replied for Bernama’s query on Bloomberg news reports.

Bloomberg reported that Malaysia’s Petronas is evaluating a sale of its shale oil asset in Argentina, a move that would complete its exit from the country’s booming Vaca Muerta fields as several international drillers also look to divest from the region.

Quoting sources, it said Petronas has begun a process that may result in a sale of its 50 per cent stake in La Amarga Chica, a venture with state-run YPF SA in the oil production heartland of Vaca Muerta.

Petronas’s involvement in La Amarga Chica began in 2014.

-- BERNAMA