RHB Research expects Petronas’ capital expenditure (capex) focus for financial year 2013 until 2016 will be more centred to developing Malaysian oilfields as it remains committed to increasing domestic production.
Last year, Petronas discovered 24 new oilfields, of which 22 were domestic.
Notable finds include two major gas reserves in offshore Sarawak – Kuang North and Tukau Timur fields.
“The two combined gas fields are estimated to contain over four trillion cubic feet (TcF) of gas, which is equivalent to about five per cent of Malaysia’s total gas reserves of 86 TcF as at end-2011,” the research house said in a statement.
Petronas also discovered additional oilfield block PM307 of the Bertam oilfield, off the Pahang coast.
Last year, Petronas spent RM63.4 billion in capex. Of the total amount, about 50 percent or RM32 billion was spent in various developments in Malaysia, and the remainder on developments outside Malaysia.
The total spent was in line with the company’s five-year RM300 million capex plan, it added.
-BERNAMA