Page 8 - AsianOil Week 49 2022

AsianOil SOUTHEAST ASIA AsianOil

Petronas makes "significant" oil

find off Malaysia

PROJECTS & MALAYSIA’S Petronas has reported what it testament to the vast potential in Malaysia’s pro-
COMPANIES describes as a “significant” oil discovery at a well lific basins, which remain highly prospective.”
off the coast of Sarawak. The find supports Malaysia’s focus on replen-
The find was found The find was made at the Nahara-1 well at ishing reserves through greater exploration, he
150 km from Bintulu. Block SK306, some 150 km from Bintulu, where said.
Malaysia’s main LNG export is located. The discovery comes after three more finds
“The Nahara-1 well was successfully drilled made by Petronas last year in Balingian Prov-
to a total depth of 2,468 metres and encountered ince off Sarawak. The Sirung-1 exploration well
hydrocarbons in the Late Oligocene to Middle at Block SK 405B last year notably found an oil
Miocene aged sedimentary sequences,” Petro- and gas column exceeding 100 metres in the Oli-
nas said. “Light oil with minimal contaminants gocene to Middle Miocene sandstone reservoir
was also established after production testing was and proving oil presence in the under-explored
conducted for the well.” deeper play within the Balingian province.
Petronas is the sole company involved in the Another discovery was at the Hadrah-1 find
project, with a 100% interest in the block. The at Block SK 411, which struck gas within a 200-
company did not comment on the size of the metre thick sequence of high-quality sandstone
discovery or whether appraisal or development and carbonate reservoirs. Petronas said at the
plans were on the horizon. time that the find “further proves the promising
“We are excited with this discovery and its prospectivity … within the Balingian province.”
impact on the future exploration effort in the “The excellent quality of reservoirs encoun-
surrounding areas,” Petronas’ vice president for tered augurs the remaining potential in the sur-
exploration, Mohd Redhani Abdul Rahman, rounding areas, with [Petronas] well positioned
commented. “Nahara-1 is a significant oil dis- to pursue the untapped similar plays in Blocks
covery by PCSB within the last decade. It is a SK 411 and SK 306,” the company said. ™

Mubadala to sell trio of Thai

oilfields to Valeura

INVESTMENT MUBADALA Energy has struck a deal to sell early 2024.
three oilfields off Thailand’s coast to Valeura There are additional opportunities through
It will make Valeura the Energy, with the acquisition set to make the lat- continuing infill drilling at the fields that have
biggest oil producer in ter Canadian company the biggest oil producer replenished four-fifths of the fields’ produced
Thailand. in the Southeast Asian country. reserves over the past five years. Valeura also
The sale will cover operated interests in three expects to net synergies from its acquisition of
offshore licences in the Gulf of Thailand that KrisEnergy’s assets in the Gulf of Thailand earlier
contain the Nong Yao, Jasmine/Ban Yen and this year. That deal covered shares in two shal-
Manora oilfields, which combined produce low-water licences containing the producing
21,200 barrels per day (bpd), Valeura said last Wassana and undeveloped but fully appraised
week. Rossukon fields.
“The purchase consideration for the acquisi- “Our forward efforts will focus on devel-
tion is $10.4mn plus up to an additional $50mn, oping the potential of these assets, by projects
contingent upon certain upside price scenarios. including further development of Nong Yao
The acquisition has an effective date of August field, where we are forecasting peak produc-
31, 2022, and is subject to customary closing tion rates in 2025, reinvestment into Jasmine
conditions,” the company said. and Ban Yen fields to continue their long his-
The assets that Valeura will acquire boast tory of reserves replacement, and on selec-
weighted average cash operating costs of only tive step-out opportunities where we see the
$22 per barrel, and 24.1mn barrels of oil in potential to more fully utilise the fields’ exten-
proven plus probable reserves. There is also sive infrastructure to commercialise new
growth potential, through a development pro- accumulations,” Valeura CEO Sean Guest said
ject at Nong Yao projected to be on stream in in a statement. ™

P8 www. NEWSBASE .com Week 49 13•December•2022