Petronas divests stake in E&P O&M
Petronas Carigali, a unit of state-run Petronas, has completed the transfer of its entire ownership in E&P O&M Services (EPOMS) to compatriot Janamurni, Petronas said on March 31.
EPOMS is wholly owned by E&P Venture Solutions (EPSV), which in turn is wholly owned by Petronas’ exploration outfit Petronas Carigali. It looks after operations and maintenance of Petronas’ floating and fixed facilities, including associated flowlines and pipelines.
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EPVS signed the sale and purchase agreement in December 2021 with Janamurni, which includes the transfer of all EPOMS staff’s employment contracts to the new owner.
Petronas said the deal follows the continuous review of its business portfolio to ensure a better fit in its growth strategy.