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Highlight Petronas-Shell-Conoco consortium strikes oil offshore Sabah

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Highlight Petronas-Shell-Conoco consortium strikes oil offshore Sabah Empty Highlight Petronas-Shell-Conoco consortium strikes oil offshore Sabah

Post by Cals Mon 17 Mar 2014, 16:18

Highlight Petronas-Shell-Conoco consortium strikes oil offshore Sabah
Business & Markets 2014
Written by Chong Jin Hun of theedgemalaysia.com   
Monday, 17 March 2014 13:18

KUALA LUMPUR (Mar 17): A consortium comprising Petroliam Nasional Bhd (Petronas), Shell Malaysia and Conoco Phillips, has discovered oil at the Limbayong-2 offshore field in Sabah.

Petronas Executive Vice President of Exploration and Production Datuk Wee Yiaw Hin said in a statement today that Shell Malaysia had appraised the hydrocarbon field.

"The appraisal well encountered 136 metres of oil bearing sands, and there are plans to conduct more appraisal work on the discovery to determine its recoverable volume.

“We are indeed pleased with the discovery which affirms the hydrocarbon prospects of Malaysia’s deep-water areas,” Wee said.

According to Wee, drilling of the Limbayong-2 appraisal well was jointly undertaken by Petronas, Shell Malaysia and Conoco Phillips. 

Petronas owns 30% of the joint venture while Shell Malaysia and Conoco Phillips hold 35% each.

Shell Malaysia chairman Iain Lo said : “This discovery attests to the significant potential in this area and is a positive development for exploration activities in East Malaysia.”

Lo is also Sabah Shell Petroleum Co Ltd managing director.
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