Oil reserves found off Sarawak’s coast to boost Govt coffers

PETALING JAYA: Petroliam Nasional Bhd (Petronas)s persistency in exploring for the precious commodity within Malaysia has struck gold with major oil and gas reserves discovered off the coast of Sarawak.

Some 100 million barrels of oil and 2.8 trillion standard cubic feet (tscf) of natural gas were discovered from two exploration blocks there.

Spurred by the success, Petronas plans to drill more than 50 exploration wells off Malaysia over the next three years.

These activities, especially if they result in discoveries, are expected to boost business opportunities in the oil and gas industry and will promote upstream investment in the country, it said in a press statement yesterday.

A research report said the new oil and gas finds represent 2% of oil reserves and 3% of natural gas reserves.

These new discoveries underpin our optimism for the industry, as (they) prolong the lifespan of Malaysian reserves 24 years for crude oil and 38 years for natural gas, said the report by AmResearch yesterday.

Commenting on the latest find, Petronas said 2.6 tscf of natural gas was struck after drilling almost 4km below sea level at the NC3 well at the SK316 block.

Over at another block called SK306, some 100 million barrels of oil reserves and 0.2 tscf of gas were found after drilling extended beyond 3km.

The well at SK306 block, called Spaoh-1, is currently being prepared for production testing.

Production test results had shown that the deposits were technically recoverable, added the statement.

The decision to concentrate on exploration activities in Malaysia rather than overseas was made recently, with Petronas deciding to engage Malaysian companies to help drill for oil at marginal oilfields offshore.

Petronas had found 106 marginal fields containing 580 million barrels of oil, and believed the high price of crude today makes such drilling activity viable.

http://thestar.com.my/news/story.asp?fi … sec=nation

How will it boost state coffers ? Royalty only 5%, boost Federal coffers la.

maybe the oil reserves found will means extra bowls of maggi mee to go around comes ends of every month when the common men pay packets get totally exhausted. :lol: :lol: :lol: :shock:

Argh…this information is outdated. Certain people have already made their moves to benefit from the downstream. Common people can only bite their fingers…watching helplessly…

and a little % of 5% to rakyat…

and a little % of 5% to rakyat…[/quote]

I like this part. :lol: :lol:

yea, heard the marginal fields will along with these new fields…

as usual the main players will come to play. being an established oil town, we are familiar with all this and what is happening and what will happen…same ol story…
funds going into such and such pockets and on and on and on…

i was actually looking at our town Miri and looking at how much we have to offer… just look at it…if u notice, the money isnt where resources are, the money is how to manipulate and blow hot air…

singapore close to nothing but still manages to take our resources, produce/manufacture and sell it back to us at a profit. bam…how did we let these smart asses turn us arnd and have their way with us.

its time to ask for more industry to be set up in Miri and bintulu. cause at the moment, hydrocarbon fluids (oil & gas) is sucked out, stored with lil production and shipped out. and here we are stuck with taking hydrocarbons in its produced usable form like suckers.

say what u want abt ol grey hair and his SCORE, it has its merits in terms of the sheer idea/scale, makes u wonder they didnt think abt it 10+years ago. but on the discussion of y and of course his white elephant intentions is another matter.

we r in a delicate position and we should stop hyping of all the silly hydrocarbons, palm oil and timber we have and come together and make our state (damn, was abt to write country) greater by enhancing our way of life.

*those of u whom have been to pahang, terrengganu… all produce oil…its bullshit… having resources is next to worthless. we need some industry and sectors that over hype on silly useless ■■■■ that is currently driving the monetary environment we live in…

oil is a stupid primitive technology. we arent doing much to improve. and thats the sad thing abt our state. is there no independant research labs out there to help our state on optimizing our resource? nah, we just wanna wait for technology to come our way

say what u want abt china and their china made products. when iphone came out on apple, china made a copy… sad but now, HTC is everywhere…from where? ok maybe not really china china, but taiwan…lol…but still…u get the idea

we dont even copy to innovate… i know its the same ol rambling and all. but i just want us to know that our town shld be coming together and conjuring up something to enhance our lives and not wait until a new block of oil to celebrate