Overseas joint ventures to boost global presence

National 1 minute, 22 seconds


BRUNEI is eyeing overseas oil and gas ventures as part of long-term plans to grow its international presence in the energy industry.

Energy Minister at the Prime Minister’s Office, Yang Berhormat Pehin Datu Singamanteri Colonel (Rtd) Dato Seri Setia (Dr) Hj Mohammad Yasmin Hj Umar, told _The Brunei Times _that the government is in talks to finalise at least three overseas ventures.

“(There are) at least three ventures outside Brunei but some of them are in the final stages so I don’t want to mention which countries,” he said on the sidelines of Energy Week at the BRIDEX International Conference Centre in Jerudong.

A year ago, the minister revealed that state-run oil firm Petroleum Brunei would bid for oil exploration contracts in Myanmar, which has seen unprecedented interest from foreign investors since the lifting of economic sanctions in 2012.

“While declining to comment on the progress of the bid yesterday, he said: “They are doing well, that’s all I can say.

“Once I see the black and white then I can say (something) but they are doing well.”

YB Pehin Dato Hj Mohd Yasmin said there is potential for more joint overseas ventures through Petroleum Brunei or other government investment companies.

Brunei has also been in negotiations with Gazprom to supply gas to designated markets, after the Sultanate and Russia signed a memorandum of understanding (MoU) on commercial cooperation in the oil and gas sector.

The Energy White Paper said the Sultanate would also explore the possibility of joint ventures in Asia, Africa and North America, as part of efforts to build a strong portfolio of international assets.

The Brunei Times