Dateline 2011-06-06:
Malaysia’s state Oil and Gas Giant, Petronas will intensify Crude Oil exploration
Malaysia’s state Oil and Gas Giant, Petroliam Nasional Bhd or Petronas is “aggressively intensifying” its efforts in unleashing potential resources to boost oil production as the World struggles with the tightening of energy supply-demand balance.
Petronas’ Chairman, Shamsul Azhar Abbas said, when addressing the 16th Asia Oil and Gas Conference here on Monday, that Petronas is geared up to explore small and medium-sized oil fields that are yet to be discovered in the region, with the target of raising Crude Oil production by 1.7B bbls and the average recovery factor the ratio of recoverable oil reserves to the existing Crude Oil in a reservoir to above 30%.
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Wata - Malaysian Oil and Gas Engineer 