Oil field discovered off north-eastern Malaysia
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Kuala Lumpur - An oil field with estimated reserves of 64 million barrels was discovered off north-eastern Malaysia, the government said Wednesday.
The field was found offshore about 160 kilometres north-east of Kuantan in the state of Pahang at a depth of 76 metres, the prime minister's office said.
It was discovered in a joint-venture exploration project by the state oil company, Petronas, and Sweden-based Lundin Petroleum AB,the office said.
Crude oil production was slated to begin in the third quarter of 2014 with a projected output of 17,500 to 20,000 barrels per day, it said.
The discovery of oil was the first in the state of Pahang. Existing oil fields are in the northern states of Kelantan and Terengganu and the eastern states of Sabah and Sarawak.
Malaysia is the second-biggest oil producer in South-East Asia after its neighbor Indonesia. According to the Oil and Gas Journal, Malaysia held proven oil reserves of 4 billion barrels as of January 2010.//DPA
