On 30 October 2012, Malaysian Prime Minister Najib Razak said that Malaysia’s state oil and gas company, Petroliam Nasional Berhad (Petronas) and Sweden-based petroleum firm Lundin Oil discovered additional oilfields in Malaysia that could potentially produce an estimated 17,500 to 20, 000 barrels of crude oil.
The newly discovered oilfields are located at block PM 307 of the Bertam oil field, 160 kilometres off the peninsula state of Pahang.
“Based on the findings of commercial and technical feasibility studies, crude oil production will begin at the oil fields in the third quarter of 2014 with a projected output of between 17,500 and 20,000 barrels per day,” Najib was quoted by state news agency Bernama as saying.
Najib called the discovery a “major breakthrough” as it was the first to be found in the state that carries commercial quantity, paving way for more discoveries in the southern region of the Malay Basin.
The discovery gives Bertam oilfield estimated oil reserves of 564 million barrels.
Swedish-based Lundin Malaysia holds 75 percent interest in PM 307 while Petronas holds the remaining equity under a product sharing contract.
Petronas official Ramlan A. Malek said the company expects to complete the commercial and technical feasibility studies by the second quarter of 2013.