MEO Australia and Malaysian-based Brooke Dockyard & Engineering Work Corporation signed an agreement to form a consortium to cooperate to identify and jointly bid on oil and gas exploration and development opportunities within Sarawak and the whole of Malaysia.
Under the agreement, MEO will provide technical assistance and opportunity evaluation assistance to Brooke and in return Brooke will fund the evaluation activities and the exploration component of joint bids for successfully screened opportunities that meet the collective criteria of the partners, MEO said in a statement on Wednesday.
For the initial opportunity to be considered under the agreement, Brooke will have a 75% participating interest and MEO a 25% participating interest.
Brooke will bring local Malaysian content to MEO having access to local fabrication and construction capability, for both onshore and offshore facilities, the statement added.