KUALA LUMPUR: Petronas and its petroleum arrangement contractors (PACs) have recorded 19 exploration discoveries and two exploration-appraisal successes, contributing over 1 billion barrels of oil equivalent (bboe) of new resources for Malaysia in 2023.
This achievement was the result of an intensified exploration programme in the last few years, which saw the drilling of 25 wells; the highest number of exploration wells drilled in a single year since 2015.
More than half of the discoveries were made in the Sarawak Basin, essentially in two clusters within the geological provinces in the Balingian and West Luconia area.
Petronas senior vice president of Malaysia Petroleum Management (MPM) Mohamed Firouz Asnan said the significant exploration success confirms their belief that there is more potential within the matured Malaysia's basins.
"Using the new 3D seismic data and the latest software technologies to better detect deeper hydrocarbon potentials."We fully support our partners' adoption of new exploration strategies which focus on near-field potential, that will enable quicker monetisation of the discoveries."This is crucial in meeting the rising energy demand not just in Malaysia but also to countries in the region," he said.
In a statement, Firouz said that MPM will launch the next series of the Malaysia Bid Round early next year and will offer more exploration blocks and discover resource opportunities to potential investors.
"The strong support from producing states as well as the federal government has been crucial in the success of the country's resource base growth," he added.
Petronas, through MPM grants petroleum licences, manages petroleum arrangements and provides stewardship on upstream petroleum activities in Malaysia.