Oil reserves found off Sarawak’s coast to boost Govt coffers

By SHARIDAN M. ALI
sharidan@thestar.com.my

PETALING JAYA: Petroliam Nasional Bhd (Petronas)’s persistency in exploring for the precious commodity within Malaysia has struck gold with major oil and gas reserves discovered off the coast of Sarawak.
Some 100 million barrels of oil and 2.8 trillion standard cubic feet (tscf) of natural gas were discovered from two exploration blocks there.



Spurred by the success, Petronas plans to drill more than 50 exploration wells off Malaysia over the next three years.
“These activities, especially if they result in discoveries, are expected to boost business opportunities in the oil and gas industry and will promote upstream investment in the country,” it said in a press statement yesterday.
A research report said the new oil and gas finds represent 2% of oil reserves and 3% of natural gas reserves.
“These new discoveries underpin our optimism for the industry, as (they) prolong the lifespan of Malaysian reserves – 24 years for crude oil and 38 years for natural gas,” said the report by AmResearch yesterday.
Commenting on the latest find, Petronas said 2.6 tscf of natural gas was struck after drilling almost 4km below sea level at the NC3 well at the SK316 block.
Over at another block called SK306, some 100 million barrels of oil reserves and 0.2 tscf of gas were found after drilling extended beyond 3km.
The well at SK306 block, called Spaoh-1, is currently being prepared for production testing.
Production test results had shown that the deposits were technically recoverable, added the statement.
The decision to concentrate on exploration activities in Malaysia rather than overseas was made recently, with Petronas deciding to engage Malaysian companies to help drill for oil at marginal oilfields offshore.
Petronas had found 106 marginal fields containing 580 million barrels of oil, and believed the high price of crude today makes such drilling activity viable.

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Oil reserves found off Sarawak’s coast to boost Govt coffers

By SHARIDAN M. ALI
sharidan@thestar.com.my

PETALING JAYA: Petroliam Nasional Bhd (Petronas)’s persistency in exploring for the precious commodity within Malaysia has struck gold with major oil and gas reserves discovered off the coast of Sarawak.
Some 100 million barrels of oil and 2.8 trillion standard cubic feet (tscf) of natural gas were discovered from two exploration blocks there.


Spurred by the success, Petronas plans to drill more than 50 exploration wells off Malaysia over the next three years.
“These activities, especially if they result in discoveries, are expected to boost business opportunities in the oil and gas industry and will promote upstream investment in the country,” it said in a press statement yesterday.
A research report said the new oil and gas finds represent 2% of oil reserves and 3% of natural gas reserves.
“These new discoveries underpin our optimism for the industry, as (they) prolong the lifespan of Malaysian reserves – 24 years for crude oil and 38 years for natural gas,” said the report by AmResearch yesterday.
Commenting on the latest find, Petronas said 2.6 tscf of natural gas was struck after drilling almost 4km below sea level at the NC3 well at the SK316 block.
Over at another block called SK306, some 100 million barrels of oil reserves and 0.2 tscf of gas were found after drilling extended beyond 3km.
The well at SK306 block, called Spaoh-1, is currently being prepared for production testing.
Production test results had shown that the deposits were technically recoverable, added the statement.
The decision to concentrate on exploration activities in Malaysia rather than overseas was made recently, with Petronas deciding to engage Malaysian companies to help drill for oil at marginal oilfields offshore.
Petronas had found 106 marginal fields containing 580 million barrels of oil, and believed the high price of crude today makes such drilling activity viable.

7 comments:

Anonymous said...

Wah a good chance for investor

Anonymous said...

Hello there! Do you use Twitter? I'd like to follow you if that would be ok. I'm undoubtedly enjoying your blog and look forward to new posts.


My blog post mainjorge.gamerdna.com

Anonymous said...

Have you ever thought about creating an ebook or guest
authoring on other sites? I have a blog based upon on the same ideas you discuss and would love to
have you share some stories/information. I know my subscribers would enjoy your work.
If you are even remotely interested, feel free to shoot me an
e-mail.

My web page rendering

Anonymous said...

Hey just wanted to give you a brief heads up and let you know a
few of the images aren't loading correctly. I'm not sure
why but I think its a linking issue. I've tried it in two different web browsers and both show the same results.

Also visit my blog :: weblog

Anonymous said...

Hey! I was interested to know if setting up a blog website such your
own: http://www.blogger.com/comment.g?blogID=32165610&postID=8361138054983158714 is challenging to
do for unskilled people? I've been hoping to create my own website for a while now but have been turned off mainly because I've always assumed it demanded tons of work.
What do you think? Thanks

Also visit my web page - computer

Anonymous said...

Have you ever considered about including a little bit more than just your articles?
I mean, what you say is valuable and everything.
Nevertheless think of if you added some great pictures or videos to give
your posts more, "pop"! Your content is excellent but with pics and videos, this blog could undeniably be one of the best in its field.
Good blog!

My blog post; advokati beograd

Anonymous said...

Good day! My spouse and I frequently write guest posts for other blog
site owners to help gain exposure to our work, as well as
provide good content to site owners. It truly is a win win situation!
If you happen to be interested feel free to contact me at:
daniella.chestnut@arcor.de so we may talk further. Cheers!



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