Saturday, June 15

Petronas: Malaysia records over one billion barrels of oil equivalent exploration discoveries in 2023

Petroliam Nasional Bhd (Petronas) and its petroleum arrangement contractors recorded 19 exploration discoveries and two exploration-appraisal successes, contributing over 1.0 billion barrels of oil equivalent (bboe) of new resources for Malaysia in 2023.

In a statement today, the national oil company said the achievement was 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.

It noted that more than half of the discoveries were made in the Sarawak Basin, primarily in two clusters within the Balingian and West Luconia geological provinces.

“Among the notable discoveries were Gedombak-1, Sinsing-1, Machinchang-1 and Mirdanga-1 by Petronas Carigali Sdn Bhd, along with Babadon-1 and Chenda-1 by Thailand’s PTTEP,” it said.

Petronas senior vice-president of Malaysia Petroleum Management (MPM) Mohamed Firouz Asnan said the significant exploration success validated its belief that there is more potential within the matured Malaysia’s basins, using new 3D seismic data and the latest software technologies to detect deeper hydrocarbon potentials better.

“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 in countries in the region,” he added.

Mohamed Firouz said MPM would launch the next series of the Malaysia Bid Round early next year, offering potential investors 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 added. — Bernama

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