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Major oil discovery off Sabah

New Straits Times (Malaysia): Major oil discovery off Sabah ..LD: KUALA LUMPUR, Wed. – Shell Malaysia announced today that a Shell-Petronas Carigali-Conoco Phillips joint venture has made another important oil discovery in waters offshore Sabah. The discovery was made by the Malikai-1

Posted 24 Sept 04

KUALA LUMPUR, Wed. – Shell Malaysia announced today that a Shell-Petronas Carigali-Conoco Phillips joint venture has made another important oil discovery in waters offshore Sabah.

The discovery was made by the Malikai-1 exploration well, located in deepwater Block G, in waters on the northwest of Sabah.

Shell Malaysia’s upstream company, Sabah Shell Petroleum Company Ltd, is the operator of Block G on behalf of this partnership.

“The Malikai-1 exploration well encountered a long oil column in very good quality reservoirs. Initial indications are that the Malikai crude oil is of a high quality. This is another pleasing discovery,” Shell Malaysia chairman Datuk Jon Chadwick said in a statement.

Drilling operations on the well commenced on Aug 4. Malikai-1 was drilled as a vertical hole in a water depth of 565 metres. The discovery was made approximately 110km from the Gumusut field in Block J, offshore Sabah.

“As a long-term partner in Malaysia’s progress, we are delighted to announce this highly significant discovery, our second offshore Sabah oil discovery within a year,” Chadwick added.

A Shell spokesman said further exploration activities were planned for Block G, and several other prospects identified in the area would be drilled in the 2005/06 period.

“The Malikai size is very significant but too early to give quantitative volumetric estimates. Development of Malikai is expected to generate significant wealth and benefits for the Malaysian economy,” the spokesman added.

Shell Malaysia is one of over 300 Royal Dutch/Shell Group operating units in more than 145 countries around the world.

The company employs over 5,000 people nationwide, 95 per cent of whom are Malaysians. Shell has invested over RM70 billion in Malaysia over the past four decades, and has a current investment commitment of RM12 billion from 2003 to 2007.

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