Petronas to explore for new O&G reserves — ministry

This article first appeared in The Edge Financial Daily, on August 14, 2018.
-A +A

KUALA LUMPUR: National oil company Petroliam Nasional Bhd (Petronas) will continue its efforts and cooperation in exploring for new oil and gas (O&G) reserves locally and internationally, especially deepwater reserves, said the economic affairs ministry.

“However, this (the exploration) will involve high costs due to the complexity and risks that Petronas has to face.

“The discovery of new reserves will hopefully extend the duration of the country’s O&G reserves and ensure the supply of resources is guaranteed,” the ministry said in a written parliamentary reply dated Aug 8 to member of parliament for Kuala Terengganu Ahmad Amzad Mohamed @ Hashim.

The ministry said the amount of O&G resources found in Malaysia including unplanned fields is 6.7 billion barrels of oil equivalent (Bboe), of which Peninsular Malaysia accounted for 2.2 billion Bboe, Sarawak 2.8 billion Bboe and Sabah 1.7 billion Bboe.

Based on current annual average production levels, O&G reserves are expected to last for 10 years, the ministry added.

Ahmad Amzad wanted to know the estimated O&G reserves available throughout the country by state and how many years the available reserves can last.