March 25, 2010

Petronas discovered a world-sized oil and gas field in Malaysian waters ?

Flame off - Petronas denies discovery of huge oil field off Malaysia


By Kamarul Yunus

KUALA LUMPUR: Petroliam Nasional Berhad yesterday shot down talks that it had discovered a world-sized oil and gas field in Malaysian waters.

Petronas vice-president for exploration and production business, Ramlan Abdul Malek, said here yesterday that it was unlikely for such a field to be found off Malaysia as the country’s geological structure was not conducive for the formation of a larger pool of hydrocarbons.

“Based on technical and seismic data that we collect, it is not likely that we will find this kind of (worldsized) field in this country.”

Ramlan was commenting on reports over the weekend that quoted Gua Musang member of parliament Tengku Razaleigh Hamzah as saying that Petronas had discovered
a “very big” oil field.

Ramlan said a world-sized oil field should have reserves of more than a billion barrels of oil equivalent (boe).For instance, he said, the Tupi deepwater field in Brazil was projected to have reserves of between five billion and eight billion boe, which is 10 times more than the reserves projected for Malaysia’s Gumusut-Kakap deepwater field off Sabah.

“Our target production date for the Gumusut-Kakap field is by late next year. Its reserves are about 550 million boe.

“Our first deepwater field in Kikeh off Sabah, which started production
in late 2007, has reserves of about 400 million boe.”

He also refuted claims of Petronas’ capability of influencing global oil prices, saying the national oil company was not in a position to do so. He said Malaysia’s production of 600,000 barrels of oil per day was less than one per cent of the total world oil production.

“Based on our forecast, we should be able to sustain this level or hit a peak plateau by 2017. After that, it will decline slowly. This is on the assumption that there is no new discovery.” Photo:



Rad: World size ! Pheh ...