Hess eyes North Malay integrated gas development

By OGJ editors

Hess Corp. forged agreements with Malaysia’s Petronas to enlarge the PM302 contract area offshore Peninsular Malaysia and create the North Malay basin integrated gas development project.

Hess will have a 50% working interest and become operator of the project, expected to add a discovered net resource of 80-100 million bbl of oil equivalent to Hess’ portfolio. Production is to start in 2013 at a gross 80 MMcfd and increase in 2015 to 250 MMcfd.

The investment required of Hess is a net $250 million in 2012 and an estimated $400 million/year in 2013-15.

The agreements include amendments to the existing Hess-operated PM302 production sharing contract that enlarge the contract area to include nine discovered gas fields.

PETRONAS also awarded Hess and Petronas Carigali the PM325 and PM326B blocks to be explored, appraised, and developed.

Related Articles

Tethys reports second successful gas well in Kazakhstan

03/20/2014 Tethys Petroleum Ltd. reported the success of the second shallow gas exploration well of its 2014 program on the Akkulka block in the Caspian regio...

BOEM: Firms bid $850 million in high bids in central gulf lease sale

03/19/2014 The US Bureau of Ocean Energy Management reported that its central Gulf of Mexico Lease Sale 231 received 380 bids from 50 companies on 326 blocks,...

CNOOC makes gas discovery in Qiongdongnan basin


CNOOC Ltd. has made a natural gas discovery in the east Lingshui Sag of the deepwater area in the South China Sea’s Qiongdongnan basin.

Cairn, FAR to drill exploration wells offshore Senegal


FAR Ltd., Perth, will participate in the drilling of two deepwater exploration wells offshore Senegal next month.

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!


Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected