facebook
twitter
rss
account
search
search
 

Petronas makes domestic oil find

Nov. 2, 2012 at 9:01 AM   |   Comments

KUALA LUMPUR, Malaysia, Nov. 2 (UPI) -- Malaysian Prime Minister Najib Razak announced state oil company Petronas found a substantial amount of oil for the first time in more than 30 years.

Razak was quoted by energy reporting website Rigzone as saying Petronas discovered oil off the coast of Pahang state, a first for the company since it was formed in 1975.

Petronas, along with Sweden's Lundin Petroleum made the discovery in the offshore Bertram field.

"With addition of these reserves, the Bertam field now contains recoverable oil reserves of 64 million barrels," Rigzone quoted the prime minister's website as saying.

The minister said crude oil production there could be as high as 20,000 barrels per day once work begins in late 2014.

Lundin serves as the operator of the field, which is about 100 miles off the coast in 249 feet of water.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Featured UPI Collection
trending
Notable deaths of 2014 [PHOTOS]

Notable deaths of 2014 [PHOTOS]

Most Popular
1
Hershey's new logo launched, compared to emoji poop
2
Brazil Air Force, Saab discuss Gripen procurement deal
3
The 'Home of the Whopper' to keep headquarters in U.S.
4
Abercrombie & Fitch axes logos after years of declining sales and bad press
5
Google completes first phase of testing drone delivery system
Trending News
Video
x
Feedback