PTTEP Strikes Triple New Discoveries in Malaysia to Foster Long-Term Growth

PTTEP yields remarkable oil and gas consecutive discoveries offshore Malaysia, one of which marks a considerable petroleum potential PTTEP has explored in the country. The company is strategically poised to expedite the development of these discoveries through a cluster development approach, paving the way for long-term growth in Malaysia.

Mr. Montri Rawanchaikul, Chief Executive Officer of PTT Exploration and Production Public Company Limited (SET: PTTEP), disclosed that PTTEP’s subsidiary, PTTEP HK Offshore Limited (PTTEP HKO) and PTTEP Sarawak Oil Limited (PTTEP SKO) have made new oil and gas discoveries in three fields offshore Sarawak, Malaysia, including Chenda-1 exploration well in the block SK405B, Bangsawan-1 and Babadon-1 exploration wells in the block SK438. These fields are located in adjacent areas previously discovered by the company. All of them have proven to be high-quality oil and gas reservoirs, especially Babadon-1 revealing massive sweet gas sandstone reservoirs with thickness up to 200 meters, considered as outstanding field size in the offshore Sarawak region which PTTEP has discovered in Malaysia, following the earlier achievement at the Lang Lebah field.

PTTEP has achieved a positive outcome with Sirung-2 appraisal well in the block SK405B to affirm petroleum resources. This success follows the prior discovery of oil and gas in the Sirung-1 exploration well in 2021. The project is now moving towards the Engineering study.

“Malaysia holds a prominent position within our strategic investment areas and proves successful oil and gas discoveries in offshore areas continuously. PTTEP plans to accelerate the development of these neighboring fields in a cluster model by synergizing facilities and production equipment, enabling quick and efficient development and production, while contributing to the company’s growth in alignment with our strategic plan,” Mr. Montri stated.

PTTEP’s portfolio in Malaysia consists of Block SK405B, SK438, SK314A, SK417, PM407, SB412 and SK325 all of which are in the exploration phase. Lang Lebah and Paprika gas fields in Block SK410B are under development phase. Block K, SK309, SK311, Block H and the Malaysia–Thailand Joint Development Area (MTJDA) are in the production phase. PTTEP looks forward towards its long term growth in Malaysia under the stewardship of Malaysia Petroleum Management, PETRONAS, as the country’s custodian of petroleum resources.