KUALA LUMPUR, December 26 — Petroliam Nasional Bhd (Petronas) and its petroleum arrangement contractors have made significant strides in exploration, announcing 19 discoveries and two exploration-appraisal successes in 2023. This achievement adds over 1.0 billion barrels of oil equivalent (bboe) of new resources to Malaysia, marking a substantial outcome of an intensified exploration program pursued in recent years. With 25 wells drilled, the highest number in a single year since 2015, Petronas and its partners showcased the success of focusing on near-field potential using advanced technologies.
More than half of the discoveries occurred in the Sarawak Basin, particularly in two clusters within the Balingian and West Luconia geological provinces. Notable discoveries include Gedombak-1, Sinsing-1, Machinchang-1, and Mirdanga-1 by Petronas Carigali Sdn Bhd, along with Babadon-1 and Chenda-1 by Thailand’s PTTEP. Petronas Senior Vice-President of Malaysia Petroleum Management (MPM), Mohamed Firouz Asnan, highlighted the validation of their belief in untapped potential within Malaysia’s matured basins. The success reinforces the importance of new exploration strategies, focusing on near-field potential to expedite monetization and meet the growing energy demand in the region.
Mohamed Firouz Asnan announced that MPM would launch the next series of the Malaysia Bid Round early next year, offering potential investors more exploration blocks and discovered resource opportunities. He emphasized the crucial role of strong support from producing states and the federal government in the country’s resource base growth success. The achievements of Petronas and its partners underscore Malaysia’s commitment to leveraging advanced technologies for sustainable resource development and meeting the region’s rising energy demand.
