PTT Exploration and Production Plc (PTTEP) announced its biggest gas find yet in a project offshore of Malaysia. PTTEP released a press statement announcing the discovery on Wednesday the 10th of February. The company is Thailand’s largest oil and gas company.
PTTEP CEO, Phongsthorn Thavsin announced, “We are delighted to confirm the largest-ever gas discovery by the company. The experience and expertise from our operations in the Gulf of Thailand and overseas have contributed to this achievement. The Lang Lebah gas discovery strengthens PTTEP’s investment base in Malaysia. In conclusion, it demonstrates that our ‘Execute strategy’ has translated into reserves increase for the company’s long-term growth.”
The announcement comes after the PTTEP acquired a 20% stake in Oman’s Block 61 from British oil major BP Plc for $2.6 billion this month.
The discovery is based on the appraisal of Lang Lebah-2 in the Sarawak SK 410B project. The project is located about 90km offshore of the Malaysian state of Sarawak.
The appraisal drilled to a total depth of 4,320 metres. In addition, tests showed a flow rate of 50 million cubic feet of gas per day. Above all, the result will accelerate the development plan for the project.
PTTEP’s operations in Malaysia
A PTTEP subsidiary operates the project, holding a 42.5% stake and Kuwait’s KUFPEC and Petronas Carigali Sdn Bhd, holding 42.5% and 15% respectively.
PTTEP’s Malaysia portfolio comprises firstly, Block K, secondly, SK 309 and thirdly, SK 311. It also operates in the Malaysia–Thailand Joint Development Area (MTJDA). This area is producing projects; Block H, a development project. This development project is followed by, SK 417, SK 314A, SK 438, SK 405B, PM 407 and PM 415, which are exploration projects. PTTEP also jointly invests with PTT in the MLNG Train 9 Project, an LNG liquefaction plant, through PTT Global LNG Company.
Above all, SK 410B project is PTTEP’s largest discovery ever.
For more information on the discovery, visit the link here.