Petronas announces new oil and gas discovery in offshore Miri – The Edge Markets MY

Petronas announces new oil and gas discovery at offshore block off Miri

KUALA LUMPUR (March 30):Petroliam Nasional Bhd (Petronas) today announced a new oil and gas discovery in the Sirung-1 wildcat exploration well under the Block SK405B production sharing contract (PSC), located in the shallow waters of the Balingian province, about 237 kilometres off the coast of Miri, Sarawak.

The state-owned oil and gas firm said in a statement that the Sirung-1 exploration well was successfully drilled to a total depth of 2,538 metres in February 2021.

The discovery of the significant oil and gas column exceeding 100 metres within the Oligocene to Middle Miocene sandstone reservoirs further validates the potential of the Balingian province, with remaining prospects yet to be explored, it said.

Petronas said that PTTEP Sarawak Oil Ltdas the operator holds a 59.5% stake. MOECO Oil (Sarawak) Sdn Bhd holds 25.5%, while Petronas Carigali Sdn Bhd, a subsidiary of Petronas, holds the remaining 15% participating interest in Block SK405B.

The PSC was signed in November 2017 as a result of the Malaysia Bid Round (MBR) 2015.

Petronas vice-president of exploration and upstream Emeliana Rice-Oxley said the Sirung-1 discovery further proves the presence of oil, especially in the under-explored deeper play within the Balingian province.

This came after similar success in an infill well at the D18 Field. We are well positioned to pursue a similar play in the other two neighbouring blocks in the same province, namely Blocks SK411 and SK306. As such, developing this block and other surrounding areas remains an integral part of Petronas and our partners long-term growth plans.

We are very encouraged by the continued success with our partners in the consecutive discoveries this year in Malaysia and remain optimistic about our exploration activities in 2021, she said.

For the MBR2021, Petronas said, it is offering 13 new opportunities in the prolific basins of Malaysia accompanied by enhanced fiscal and non-fiscal terms. The initiative is part of Petronas continuous efforts to grow with its partners in Malaysia.

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Petronas announces new oil and gas discovery in offshore Miri - The Edge Markets MY