PETRONAS Carigali discovers oil at Block SK306, off Sarawak coast

KUALA LUMPUR: PETRONAS Carigali Sdn Bhd has discovered oil and gas and the Nahara-1 well in Block SK306 in the shallow water of Balingian Province about 150km from Bintulu, off the coast of Sarawak.

"The Nahara-1 well was successfully drilled to a total depth of 2,468m and encountered hydrocarbon in the Late Oligocene to Middle Miocene aged sedimentary sequences.

"Light oil with minimal contaminants was also established after production testing was conducted for the well," it said in a statement.

PETRONAS Carigali said it is operator of the block with 100% participating interest in its production sharing contract.

"We are excited with this discovery and its impact to the future exploration effort in the surrounding areas. Nahara-1 is a significant oil discovery by PCSB within the last decade. It is a testament to the vast potential in Malaysia’s prolific basins which remain highly prospective.

“The discovery also reinforces PCSB’s current exploration strategy of renewing focus in its exploration efforts in Malaysia’s basins,” said PETRONAS vice-president of exploration Mohd Redhani Abdul Rahman.

Article type: free
User access status:
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Next In Business News

Two lessors file applications to cancel Garuda Indonesia restructuring deal
Budget 2023 to take account of current economic challenges - PM
Ringgit rebounds to open marginally higher against US$
Analysts stay bearish on Hartalega's earnings prospects
Bursa remains range-bound in lead up to domestic data
Trading ideas: MyEG Services, Hartalega, Artroniq, Tanco, SMRT, MNRB and Kerjaya Prospek
Music a red-hot asset class in new thematic ETF filing
Silbert, Winklevoss twins end crypto squabble in bankrupt Genesis
Industrial production index growth at 6.9% in 2022
US$5 trillion sovereign bond group rethinking climate risk

Others Also Read