14 January 2014 – Malaysia’s Petronas reiterated its commitment to rejuvenate mature assets and develop marginal fields, pledging $14 billion alone on enhanced oil recovery projects.
Petronas’ executive vice president for exploration and production business, Wee Yiaw Hin said in an interview with local press, about $14 billion is required to execute 10 EOR projects in the pipeline.
Petronas has also set aside 1.1 billion ringgit ($336.9 million) for its E&P Technology Centre to develop EOR technology, according to Wee.
Wee sees potential for EOR in 50% of Malaysia’s producing fields.
Designed to arrest the decline in Malaysia’s mature fields, the EOR projects are aligned with Prime Minister Najib Razak’s Economic Transformation Programme.
*Josh Lewis, Upstreamonline
