KUALA LUMPUR - Malaysia's state energy company Petroliam Nasional Bhd, or Petronas, said Thursday one of its oil fields off Peninsular Malaysia contains over 16 times more resources than initially estimated.
Petronas has successfully drilled at the Cendor field and found that it could yield more than 200 million stock tank barrels of oil, making it one of the biggest oil fields in Malaysia, Petronas said in a statement. Stock tank barrels refers to oil at surface conditions.
Amerada Hess discovered the Cendor field in 2011 and at that time estimated it would yield 12 million barrels of oil.
Petronas said production at the block known as PM304, which includes the Cendor field, will start in stages throughout 2013, which will yield 30,000 barrels per day by end of the year.
In May 2005, Petrofac Ltd. bought Amerada's stake in the block. Petrofac then drilled the well along with joint venture partners Petronas, Kuwait Foreign Petroleum Exploration Company and PetroVietnam Exploration Production Corp Ltd.
Copyright (c) 2012 Dow Jones & Company, Inc.
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