Petronas takes major steps to spur industry


Dateline 2014-01-12, Yahoo! (from Business Times):

PETROLIAM Nasional Bhd (Petronas) is undertaking major steps to rejuvenate the oil and gas industry.

The move is in the face of Malaysian oilfields now entering the mature phase, marked by declining oil and gas extraction, after more than 30 years of extensive exploration and production.

As the custodian of the country’s hydrocarbon resources, Petronas has initiated risk- sharing contracts (RSCs) for marginal oilfields over the last few years.

This is to develop resources from smaller oilfields, and at the same time, explore enhanced oil recovery (EOR) technology to improve production from other fields that are maturing.

Petronas executive vice-president (exploration and production business) Datuk Wee Yiaw Hin said it is estimated that 50 per cent of Malaysia’s producing oilfields have EOR potential.

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This entry was posted on Wednesday, February 26th, 2014 at 6:00 am and is filed under Malaysia, oil and gas. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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