PTT Exploration and Production Plc (PTTEP) has announced the discovery of petroleum at Sirung-1, a wildcat well off the coast of Malaysia's Sarawak state, as it seeks to bolster its reserves for long-term growth.
PTTEP had begun drilling at Sirung-1 in Block SK405B in January through its subsidiary PTTEP Sarawak Oil Co. The company has found a significant column of oil and gas more than 100 metres in the clastic reservoirs, said PTTEP chief executive Phongsthorn Thavisin.
An appraisal well is scheduled in the near future to assess the upside resources.
Block SK405B is located in shallow waters, approximately 137 kilometres off the coast of Sarawak (Bintulu).
"The Sirung-1 exploration well marks PTTEP's third offshore discovery in Malaysia, following SK410B's Lang Lebah and SK417's Dokong," said Mr Phongsthorn.
"PTTEP also plans to explore nearby areas under production sharing contracts next year."
Besides SK405B, there are also SK410B, SK314A, SK438, SK417, PM407 and PM415 blocks, all of which are still in the exploration stage.
Major projects in PTTEP's portfolio in Malaysia include assets in Block K, SK309, SK311, the Rotan-Buloh field in Block H and jointly operated gas fields with Petronas Carigali in the Malaysia–Thailand Joint Development Area.
PTTEP has also joined hands with national oil and gas conglomerate PTT Plc by investing through PTT Global LNG Co in the MLNG Train 9 project, an LNG liquefaction plant in Sarawak.