Dateline 2011-11-15:
- Reserves of 227 mln boe, oil output rate of 8,200 bpd
- Estimated reserves have upside potential – PETRONAS
- Sabah has 12 pct Malaysia’s gas reserves, 25 pct of oil-analyst
Malaysia’s Petronas discovered oil offshore Sabah in the latest “significant” find this year in the hydrocarbon-rich state on Borneo island, as the national oil company sets to boost reserves and output amid easing production costs.
Initial estimates put the well’s reserves at 227 million barrels of oil equivalent (boe) and tests in three different reservoirs yielded a maximum output rate of 8,200 barrels per day (bpd), Petroliam Nasional Bhd (Petronas) said on Tuesday.
Petronas’ exploration and production arm, Petronas Carigali Sdn Bhd, is the sole equity holder of the production-sharing contract (PSC) for the block. Wakid-1 is the second well drilled in the block. The first, Tambuku-1, yielded only minor gas discovery, Petronas said in a statement.
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Wata - Malaysian Oil and Gas Engineer 