PTTEP scores hat-trick offshore Malaysia as three new oil & gas discoveries put cluster development on the table
Thailand’s national oil and gas company PTT Exploration and Production (PTTEP) has hit a trifecta of oil and gas discoveries offshore Malaysia, which support a cluster development approach. The Thai player claims to be strategically poised to speed up the development of these consecutive discoveries through such an approach, paving the way for long-term growth in Malaysia.
PTEEP’s Chief Executive Officer (CEO) explains that the Thai giant’s subsidiaries, PTTEP HK Offshore Limited (PTTEP HKO) and PTTEP Sarawak Oil Limited (PTTEP SKO), have made new oil and gas discoveries in three fields offshore Sarawak, Malaysia, including Chenda-1 exploration well in the block SK405B, and Bangsawan-1 and Babadon-1 exploration wells in the block SK438.
Located in adjacent areas previously discovered by the company, all of these fields have proven to be high-quality oil and gas reservoirs, especially Babadon-1 revealing massive sweet gas sandstone reservoirs with thickness up to 200 meters, considered outstanding field size in the offshore Sarawak region, following the earlier achievement at the Lang Lebah field.
Furthermore, the Thai firm has achieved a positive outcome with the Sirung-2 appraisal well in block SK405B to affirm petroleum resources, which follows the prior discovery of oil and gas in the Sirung-1 exploration well in 2021. The project is now moving towards the engineering study.
Montri Rawanchaikul, CEO of PTTEP, commented: “Malaysia holds a prominent position within our strategic investment areas and proves successful oil and gas discoveries in offshore areas continuously. PTTEP plans to accelerate the development of these neighboring fields in a cluster model by synergizing facilities and production equipment, enabling quick and efficient development and production, while contributing to the company’s growth in alignment with our strategic plan.”
The Thai player’s portfolio in Malaysia consists of blocks SK405B, SK438, SK314A, SK417, PM407, SB412, and SK325 all of which are in the exploration phase. Lang Lebah and Paprika gas fields in Block SK410B are in the development phase. On the other hand, blocks K, SK309, SK311, Block H, and the Malaysia–Thailand Joint Development Area (MTJDA) are in the production phase.
This announcement comes after Petronas revealed 19 exploration discoveries and two exploration-appraisal successes in Malaysia, contributing over 1 billion barrels of oil equivalent (boe) of new resources in 2023.