Lundin Malaysia Ltd., subsidiary of Swedish independent Lundin Oil AB, was awarded Block PM305 off Malaysia by Petroliam Nasional Berhad (Petronas), Malaysia's national oil company, Lundin officials reported Monday.
The 2,200 sq km block is in the central portion of Malay Basin, where some 4.5 billion bbl of oil and 40 tcf of gas have been found. The block contains one discovery, the Ophir well, which flowed 2,000 b/d of crude.
Lundin plans to acquire 3D seismic over the existing discovery and to drill at least three
exploration wells over the next 3 years.
Lundin will be operator with a 60% interest in the block. Petronas Carigali Sdn Bhd, Petronas' operating arm, will earn a 40% interest, officials said.
Block PM305 is 230 km from Block PM3 CAA, which Lundin also operates. Lundin Oil has operations in eight countries around the globe.
Malaysia is one of the largest producers of oil and gas in Southeast Asia. It produces more than 600,000 b/d of oil and 5 bcfd of gas.
