Malaysia records over 1bn boe of exploration discoveries in 2023

Petronas, the Malaysian state-owned oil and gas company, and its contractors have recorded 19 exploration discoveries and two exploration-appraisal successes in 2023, it said on November 30. The discoveries contributed over 1bn barrels of oil equivalent (boe) of new resources for Malaysia.

The successful exploration programme was driven by the drilling of 25 wells, the highest number of exploration wells drilled in a single year since 2015. More than half of the discoveries were made in the Sarawak basin, with three discoveries in the Northwest Sabah basin and two discoveries in the Malay basin.

“This significant exploration success validates our belief that there is more potential within the so-called matured Malaysia’s basins, using new 3D seismic data and the latest software technologies to better detect deeper hydrocarbon potentials,” said Mohamed Firouz Asnan, Petronas senior vice president of Malaysia Petroleum Management (MPM).

“We fully support our partners’ adoption of new exploration strategies which focus on near-field potential, that will enable quicker monetisation of the discoveries,” Asnan added. “This is crucial in meeting the rising energy demand not just in Malaysia but also to countries in the region.”

Petronas will be launching the next series of the Malaysia Bid Round early next year, offering more exploration blocks and discovered resources opportunities to potential investors.

MPM grants petroleum licenses, manages petroleum arrangements and provides stewardship on upstream petroleum activities in Malaysia.