Shell Malaysia to invest Myr1 Bln in E&P projects

Shell Malaysia plans to invest about 1 billion ringgit ($1=MYR3.80) in oil and gas exploration and production projects in 2002. The company will focus its efforts this year on continued exploration drilling in Block E, offshore Sarawak, and Block G, offshore Sabah. Both blocks will require deepwater drilling. The company plans to drill four exploration wells in Block G this year and one exploration well in Block E. The size of oil and gas reserves in the two blocks has not yet been determined but Shell Malaysia expects to find significant reserves of oil and gas in Block E and G. It also plans to drill additional production wells at its South Furious field, offshore Sabah. If the results of the drilling program are successful, the company may begin oil production from Blocks E and G next year.
Shell Malaysia operates the South Furious field in a joint venture with Petronas Carigali Sdn., a unit of Malaysia’s state oil and gas company Petroliam Nasional Bhd. (P.PET). It operates Block E in a joint venture with Petronas Carigali and Diamond Gas Holdings Sdn., a unit of Mitsubishi Corp. (J.MIB). Shell Malaysia operates Block G in a joint venture with Petronas Carigali and Conoco Inc. (COC).

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