Malaysia's Sarawak Has More Oil & Gas Fields Not Monetized Yet

Malaysia's Sarawak Has More Oil & Gas Fields Not Monetized Yet
More than 200 discovered oil and gas fields offshore Sarawak, Malaysia have not been monetized, a PETRONAS official said, as indicated in a local media report.

Malaysia has more than 200 discovered oil and gas fields off the eastern state of Sarawak that have not been monetized, an official at state-owned firm Petroliam Nasional Bhd (PETRONAS) said Saturday at a company event, as reported by national news agency Bernama.

PETRONAS has pumped in over $70 billion (MYR 300 billion) in cumulative investment in Sarawak in upstream, midstream and downstream projects and activities, according to its LNG Group of Companies Vice President and CEO Dzafri Sham Ahmad, who spoke at the PETRONAS Media Nite 2015 in the state capital of Kuching.

In the upstream segment, Dzafri said Sarawak has 60 oil and gas producing fields, 26 oil and 34 gas, producing an average of 0.85 million barrels of oil equivalent per day (MMboepd).

"Additionally there are another 206 discovered fields which are yet to be monetized," he said.

Another project in Sarawak is PETRONAS Floating LNG1 (PFLNG1), which is one of the world's first floating liquefaction plants. The facility will be deployed to the Kanowit development, which is located approximately 111 miles (180 kilometers) offshore Bintulu, Sarawak where it will produce, liquefy and offload gas from the field.

PFLNG1 -- currently under construction at Daewoo Shipbuilding & Marine Engineering Co. Ltd.'s shipyard in Okpo, South Korea -- has a liquefied natural gas (LNG) capacity of 1.2 million tons per annum. The facility is scheduled to commission in early 2016.

Earlier this month, PETRONAS reported that the firm's third quarter 2015 oil and gas production that ended Sept. 30 increased five percent to 2.182 MMboepd, compared to 2.078 MMboepd in the previous year. Most of the company's hydrocarbons production was oil, which accounted for 1.289 MMboepd, while gas and condensate were next at 749 MMboepd and 144 MMboepd, respectively.

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