TimorNewsNetwork

Petronas picks up pace in East Timor 

By Upstream staff 

A boy walks along the beach in East Timor: off the country's shores Petronas is drilling ahead with the Makikit-1 probe

Malaysian national oil company Petronas is about halfway through drilling the first of three back-to-back exploration wells in East Timor's joint petroleum development area.

According to East Timor's national petroleum authority (ANP), Diamond Offshore’s jack-up Ocean Shield arrived on location in Block 06-102 on 16 September, and is currently drilling the Makikit-1 exploration well.

It is estimated the first well will take 43 days to complete and will be followed by the Kurita and Sipu prospects, respectively.

The ANP said the three prospects would test the hydrocarbon potential of Jurassic sandstone reservoirs within the Elang/Plover formation.

"While it is too early to tell if new petroleum discoveries will be made, the ANP wishes the companies concerned every success in this latest exploration drilling campaign and expect the drilling to be performed in a safe and prudent manner," said the regulator.

Petronas was awarded the block in late 2006 following the country's inaugural licensing round.

Petronas owns a 50% operating interest in Block 06-102 and is partnered by South Korean companies Korea Gas (30%), Samsung (10%) and LG International (10%).

The Malaysian company said previously it was optimistic about “the commerciality of the block's hydrocarbon accumulations”.

source: http://www.upstreamonline.com/live/article195202.ece