The funds raised could contribute to the future development of the Kasawari field, one of the largest non-associated gas fields in Malaysia, which has an estimated recoverable hydrocarbon resource of about three trillion standard cubic feet.
Petronas put on hold plans to develop the field in 2015 after oil and gas prices fell, according to media reports.
Prasanth Kakaraparthi, senior upstream research analyst at consultancy Wood Mackenzie said overall capital expenditure for the 316 block is estimated at around $4 billion, of which the upcoming phase of development accounts for nearly 50 to 60 percent.
"Given that the second phase of development will involve a significant amount of capital commitment, it's not completely out of the question to think that they might want to bring in some partners to sort of share some of that burden," he said.
The stake could appeal to firms such as Indonesia's state-owned Pertamina, Thailand's PTT Exploration and Production and some Japanese companies, the sources said.
They said it might also appeal to the Kuwait Foreign Petroleum Exploration Company, which snapped up Royal Dutch Shell's stake in Thailand's Bongkot gas field for $900 million last month.