Kuala Lumpur, August 09, 2024, The Europe Today: Petroliam Nasional Bhd. (Petronas) announced a series of “outstanding successes” in its exploration efforts during the first half of 2024, marking substantial progress both domestically and internationally.
In a statement released on Friday, Petronas highlighted a notable discovery in Malaysia with the Bekok Deep-1 oil and gas exploration project, completed in May. The company described the discovery as a significant milestone in Peninsular Malaysia’s energy sector, noting that the well testing results demonstrated a robust hydrocarbon flow rate, underscoring the potential of this new play.
“This discovery marks a significant milestone in Peninsular Malaysia’s energy sector over the past decade,” Petronas stated, emphasizing the promising prospects for the region’s future energy production.
International Success in Suriname
On the international front, Petronas reported success with the Sloanea-2 appraisal well in Suriname’s Block 52, drilled in June. This discovery strengthens Petronas’ position in the basin and opens the possibility of developing a standalone floating liquefied natural gas (FLNG) project at the field. The company is currently evaluating the feasibility of an integrated development strategy for gas and oil extraction within Block 52.
“We are extremely pleased with these breakthroughs, as they reaffirm Petronas’ commitment and expertise to providing exceptional value through substantial discoveries in Malaysia and internationally, driven by strategic and innovative approaches,” said Mohd Jukris Abdul Wahab, Petronas Executive Vice President and CEO of Upstream.
Jukris added, “These milestones underscore Petronas’ ongoing initiatives to enhance our exploration endeavors in selected focus regions and strive for sustainable resource replenishment.”
Strategic Partnerships and Future Developments
In June, Petronas further solidified its international partnerships by signing a memorandum of understanding (MOU) with China Petrochemical Corp. (Sinopec). This MOU aims to explore collaborative opportunities across the entire energy value chain, focusing on sustainable growth in areas such as commodity and specialty chemicals, crude oil, and liquefied natural gas (LNG) trading. The partnership also aims to drive decarbonization efforts across various industries, including transportation, shipping, manufacturing, aviation, and power.
Petronas also announced a global collaboration with Enilive S.p.A and Euglena Co., Ltd. to build a biorefinery in Malaysia. The final investment decision (FID) has been made to develop the biorefinery within Petronas’ Pengerang Integrated Complex (PIC) in Johor. The facility, expected to be operational by the second half of 2028, will produce sustainable aviation fuel (SAF) and other biofuels to meet the growing demand in the global aviation and transportation industries.
These developments highlight Petronas’ continued commitment to innovation and sustainability, as the company aims to strengthen its position as a leader in the global energy sector while contributing to the transition to a low-carbon economy.
