KUALA LUMPUR – Petronas has announced a new oil and gas discovery at the Sirung-1 wildcat exploration well of Block SK405B production sharing contract (PSC), located in the shallow waters of Balingian province, 237km off the coast of Miri, Sarawak.
The well was drilled to a depth of 2,538m last month.
The discovery of a significant oil and gas column – exceeding 100m within the oligocene to middle miocene sandstone reservoirs – further validates Balingian’s potential, with remaining prospects yet to be explored.
“The Sirung-1 discovery proves the presence of oil, especially in the underexplored deeper play within Balingian province. This comes after similar success at an infill well in the D18 field,” said Petronas vice-president (exploration and upstream) Emeliana Rice-Oxley in a statement today.
“We are well-positioned to pursue a similar play in the other two neighbouring 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.”
PTTEP Sarawak Oil Ltd as the operator holds a 59.5% participating interest in Block SK405B. MOECO Oil (Sarawak) Sdn Bhd holds 25.5%, and Petronas Carigali Sdn Bhd, 15%.
The PSC was signed in November 2017 as a result of the Malaysia Bid Round (MBR) 2015.
“We are very encouraged by the continued success with our partners on the consecutive discoveries this year in Malaysia, and remain optimistic on our exploration activities for 2021,” said Rice-Oxley.
For MBR 2021, Petronas is offering 13 new opportunities in Malaysia’s prolific basins, accompanied by enhanced fiscal and non-fiscal terms.
The initiative is part of Petronas’ continuous efforts to grow with its partners in the country. – Bernama, March 30, 2021
