Oil find: Malaysia will be richer, thanks to PETRONAS
Malaysia's state oil firm Petronas made a "significant oil discovery" offshore Sabah via the Wakid-1 well in Block 2G-2J, it said in a statement today.
Preliminary estimates put the well's reserves at 227 million barrels of oil equivalent, while production tests in three different reservoirs yielded a maximum production rate of 8,200 barrels per day (bpd), Petronas added.
Petronas' exploration and production arm, Petronas Carigali Sdn Bhd, is the sole equity holder of the production sharing contract for the block.
Wakid-1 is the second well drilled in the block. Petronas said Tambuku-1, the first well, yielded only minor gas discovery. ― Reuters
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