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Malaysian oil and gas company Petronas has signed an agreement to acquire 50% exploration and production rights in two Brazilian fields from Petróleo Brasileiro (Petrobras).

Recovery in UK financial sector The Independent reported today that according to CBI/PricewaterhouseCoopers, the volume of business in the financial services sector grew for the eighth consecutive three-month period, and at well above the average pace during the first quarter of the year.

Malikai oilfield is located approximately 100km off the coast of Sabah, Malaysia, in water depths of up to 500m within Block G of the South China Sea. It is Malaysia's third deepwater project after the Kikeh and Gumusut Kakap projects. Shell (the operator) and ConocoPhillips hold 35% interest each in the development, while Petronas Carigali owns the remaining 30% interest.

Pacific NorthWest liquefied natural gas (LNG) project is a new natural gas liquefaction and export facility proposed to be constructed in Lelu Island near the Port of Prince Rupert, British Columbia (BC). The project is operated by Pacific NorthWest LNG, a consortium comprised of Petroliam Nasional Berhad (Petronas 62%), Japan Petroleum Exploration Company (JAPEX 10%), PetroleumBRUNEI (3%), Indian Oil Corporation (10%) and China Petrochemical Corporation (Sinopec 15%).