Page 7 - AsianOil Week 06 2021
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will more than double its investment to $10.7bn the international oil market in search of arbi-
this year, from $5.2bn in 2020, in a bid to boost trage opportunities in a bid to reduce its current
production and reserves and reduce the nation’s account deficit.
energy import dependency. Nevertheless, Pertamina CEO Nicke Widyawati told
national oil production has been in decline since Parliament on February 9 that his company
2016, while gas output has fallen steadily since intended to boost imports by 50.4% year on
2010, according to the BP Statistical Review of year to 118.4mn barrels. He said: “If we export
World Energy 2020. domestic crude while importing from else-
While the company wants to reduce the where, the price difference will improve our
country’s oil and gas imports, it has turned to current account deficit.”
PTTEP claims record gas
discovery offshore Malaysia
PROJECTS & THAILAND’S state-owned PTT Explora- in Malaysia and demonstrates that our ‘Execute
COMPANIES tion and Production (PTTEP) has said it has strategy’ has translated into reserves increase for
upgraded the Sarawak SK410B discovery made the company’s long-term growth.”
in 2019, now ranking it as the largest discovery PTTEP HKO operates SK410B, which lies
it has ever made. around 90 km offshore Sarawak State, with a 42.5%
PTTEP said its wholly owned Malaysian sub- stake, while the local arm of Kuwait-headquartered
sidiary PTTEP HK Offshore had successfully KUFPEC and Malaysia’s state-owned Petronas
completed the Lang Lebah-2 appraisal well in Carigali own 42.5% and 15% interests respectively.
mid-January 2021. The well, drilled to total depth of Apart from the SK410B, PTTEP also owns
4,320 metres, intersected more than 600 metres of interests in four other producing projects in
net gas pay and flowed during well testing at 50mn Malaysia, as well as a development project and
cubic feet (1.42mn cubic metres) per day. six exploration licences. The company has also
PTTEP CEO Phongsthorn Thavisin said the teamed up with state-owned parent PTT to par-
results from the well, designed to evaluate the ticipated in Petronas’ MLNG Train 9 Project.
gas discovery made by the Lang Lebah-1RDR2 PTTEP hired two jack-up drilling rigs from
exploration well in 2019, had driven the com- Borr Drilling last year to conduct simultaneous
pany to revise upwards its initial reservoir exploration campaigns offshore Malaysia. The
estimates. PTTEP now intends to speed up its Saga was contracted between September 2020
development plan for the project. and September 2021, while the Gunnlod was
Commenting on the discovery, Thavisin said: hired to operate between September 2020 until
“We are delighted to confirm the largest-ever March 2021. The Gunnlod rig, a PPL Pacific
gas discovery by PTTEP. The Lang Lebah gas Class 400 that was built in 2018, drilled the latest
discovery strengthens PTTEP’s investment base SK410B well.
Week 06 11•February•2021 www. NEWSBASE .com P7
