Shell Malaysia announced it made a final investment decision with a subsidiary of ConocoPhillips and state-owned energy company Petronas to development the Malikai oil field in the deep waters of Malaysia.
"Malikai is an exciting oil development in Shell Malaysia's upstream portfolio and will cement Malaysia's position as a regional deepwater hub and center of excellence," Lo said in a statement.
A Shell subsidiary serves as operator of the deep-water field, the third for Malaysia. It's in more than 1,600 feet of water.
Malaysia holds the third largest oil reserves in the region after China and India. The U.S. Energy Department's Energy Information Administration estimates there are 4 billion barrels of proven oil reserves there and most of that is offshore.
Shell said it would require 17 wells to develop the Malikai field.