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Petronas finds over 1 bil barrels of oil equivalent exploration discoveries in 2023

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Publish date: Fri, 01 Dec 2023, 06:13 PM

KUALA LUMPUR (Dec 1): Petroliam Nasional Bhd (Petronas) and its petroleum arrangement contractors have recorded 19 exploration discoveries and two exploration-appraisal successes, contributing over one billion barrels of oil equivalent (bboe) of new resources for Malaysia in 2023.

The national oil company said the discoveries were the result of an intensified exploration programme pursued in the last few years, which saw the drilling of 25 wells - the highest number of exploration wells drilled in a single year since 2015.

"More than half of the discoveries were made in the Sarawak Basin, primarily in two clusters within the Balingian and West Luconia geological provinces," Petronas said in a statement.

Besides that, three discoveries were made in the Northwest Sabah Basin.

"Layang-Layang-1 by Petronas Carigali, as well as Hikmat-1 and Dermawan-1 by PTTEP proved a working petroleum system that unravels new opportunities in the ultra-deepwater and deepwater areas. Another drilling campaign is ongoing within the same proven basin in the shallow waters off the coast of Sabah," the statement read.

On top of that, two other discoveries were made within the Malay Basin off the east coast of Peninsular Malaysia.

The contractors involved in the discoveries include Petronas Carigali Sdn Bhd, Hibiscus Oil and Gas Malaysia Ltd, and Thailand's PTT Exploration and Production Public Company Ltd.

Petronas senior vice-president of Malaysia Petroleum Management (MPM) Mohamed Firouz Asnan said the exploration success validates the company's belief that there is more potential within the so-called matured Malaysian basins.

The explorations were done using new 3D seismic data and the latest software technologies to better detect deeper hydrocarbon potentials.

“We fully support our partners’ adoption of new exploration strategies which focus on near-field potential, that will enable quicker monetisation of the discoveries. This is crucial in meeting the rising energy demand not just in Malaysia but also to countries in the region," he said.

Mohamed Firouz added that MPM will be launching the next series of the Malaysia Bid Round early next year, offering potential investors with more exploration blocks and discovered resource opportunities.

"The strong support from producing states as well as the federal government has been crucial in the success of the country’s resource base growth," he said.

Petronas, through MPM, grants petroleum licences, manages petroleum arrangements and provides stewardship on upstream petroleum activities in Malaysia. 

 

https://www.theedgemarkets.com/node/692330

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