Exxon Mobil Corp has agreed to sell its Malaysia oil and gas assets to state energy firm Petronas. The sale included one of the main oilfields, Tapis, which the major discovered in late 1970's and has been developing in Tregannu, Malaysia. Some Malaysian based market participants believed that the sale prices were estimated at USD 2-3billion. Exxon was reportedly engaged in about 40-50% of gas and oil production in the Malay Peninsula as of 2023. The decision by Exxon this time appeared to be part of a shift in its strategy to focus more on oil production in the US.