Thailand’s largest oil and gas firm, PTT Exploration and Production Pcl on Feb. 10 said it made its biggest gas find yet in a project offshore Malaysia.
“We are delighted to confirm the largest-ever gas discovery by PTTEP,” CEO Phongsthorn Thavisin said, adding that the discovery strengthened the company’s investment base in Malaysia.
The discovery is based on the appraisal of Lang Lebah-2 in the Sarawak SK 410B project, about 90 km (55.92 miles) offshore of the Malaysian state of Sarawak.
The announcement comes after the PTTEP acquired a 20% stake in Oman’s Block 61 form British oil major BP Plc for $2.6 billion this month.
The appraisal drilled to a total depth of 4,320 m with proven over 600 m of net gas pay, PTTEP said, adding the well test showed a flow rate of 50 million cubic feet of gas per day.
A PTTEP subsidiary operates the project, holding a 42.5% stake along with Kuwait’s KUFPEC and Petronas Carigali Sdn Bhd, holding 42.5% and 15%, respectively.
The discussions on ways Washington can compensate oil-dependent states are a sign President Joe Biden’s administration has begun studying the financial and political cost of halting new federal oil leases.
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Bankruptcy, a global pandemic and a successful sale—Samson Resources II CEO Joe Mills has been through it all over the years. Hear this industry veteran discuss his optimistic mindset plus how he thinks the oil and gas business will need to adapt to face the future.