Petronas said it has signed a deal that gives the state oil firm rights to a gas field under the Malaysia-Thailand Joint Authority that will help boost Malaysian supplies.Petronas said it signed a unitisation agreement with the authority for the Bumi field in Block PM 301 and the Bumi South field in Block A-18 that firms up an earlier agreement inked in 2008.
“The unitisation agreement gives Petronas rights to the reserves in the unitised area, which has an estimated ultimate recovery of 1.252 trillion standard cubic feet of gas,” Petronas said in a statement.
“The agreement augurs well with Petronas efforts towards ensuring...the security of national gas production and supply,” the firm added.
The Malaysia-Thailand Joint Development Area covers 7,250 square kilometres in Gulf of Thailand. It was created to help both countries exploit and share the oil and gas resources in the area that they have expressed a claim over.
Petronas has said it could spend up to RM275 billion over the next five years as it seeks to boost its stable of high-yielding oil assets and secure profit growth.