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Malaysian state-owned oil and gas firm Petronas is aiming to sell a large minority stake in a prized upstream local gas project for up to $1 billion as it seeks to raise cash and cut development costs, two sources familiar with the matter said.  

Petroliam Nasional Bhd (Petronas) is looking to sell a stake of as much as 49% in the SK316 offshore gas block in Malaysia's Sarawak state, the sources told Reuters, a move that would be among its first major recent sales as it grapples with oil prices that have slumped by half over two-and-a-half years. 

That slide has squeezed the cash flows of Petronas, hurt its earnings and forced it a year ago to announce a 50 billion ringgit ($11.2 billion) cut in capital expenditure over four years. Petronas, which accounts for a third of Malaysia's oil and gas revenue, has also cut its dividend.