PTTEP Makes New Oil and Gas Find

PTT Exploration and Production Public Company Limited (PTTEP) has announced a new oil and gas discovery from exploration well Sirung-1 in Block SK405B offshore Malaysia.

Through its subsidiary PTTEP Sarawak Oil Limited, PTTEP started the drilling of the Sirung-1 wildcat well in January 2021. The well was drilled to a total depth of 8,326 feet where it was said to have encountered a “significant” oil and gas column of more than 328 feet in the clastic reservoirs. An appraisal well is scheduled in near future to assess the upside resources, PTTEP noted.

“The Sirung-1 exploration well marks PTTEP’s third discovery offshore Malaysia following SK410B’s Lang Lebah and SK417’s Dokong,” Phongsthorn Thavisin, PTTEP’s chief executive officer, said in a company statement.

“PTTEP also plans to explore nearby prospects in this PSC next year. The achievements have strengthened our investment base as we continue to expand our exploration horizon in Malaysia,” he added.

Also commenting on the discovery, Emeliana Rice-Oxley, the vice president of exploration, upstream, at Petronas, which also has a stake in the asset, said, “the Sirung-1 discovery further proves the presence of oil, especially in the under-explored deeper play within the Balingian Province”.

“This came after similar success in an infill well at D18 Field. We are well-positioned to pursue a similar play in the other two neighboring blocks in the same province, namely Blocks SK411 and SK306. As such, developing this block and other surrounding areas remains an integral part of Petronas and our partners’ long-term growth plans,” the Petronas representative added.

“We are very encouraged by the continued success with our partners on the consecutive discoveries this year in Malaysia and remain optimistic in our exploration activities for 2021,” Rice-Oxley went on to say.

PTTEP Sarawak Oil Limited is the operator of the asset with a 59.5 percent participating interest. MOECO Oil (Sarawak) SDN.BHD. holds a 25.5 percent stake and Petronas Carigali Sdn. Bhd. holds the remaining 15 percent interest.

Source: Rigzone

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