Malaysia's Petronas strikes oil in Turkmenistan

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KUALA LUMPUR — Malaysia's national oil firm Petronas said Thursday it had discovered new oil and gas reserves in the Turkmen part of the Caspian Sea.

Petroliam Nasional Berhad (Petronas) said tests showed a flow rate of 14,176 barrels of oil and 19.05 million standard cubic feet of gas at its recently completed fourth East Livanov 2A well located in offshore Block 1.

Petronas' subsidiary, Petronas Carigali (Turkmenistan) Sdn. Bhd., which began its exploration activities in Turkmenistan in July 1996, is the sole operator of the block under a production sharing contract with the Turkmen government.

Commercial viability

Petronas said in a statement that further assessments would be made to confirm the commercial viability of the reserves.

The company had previously drilled three other wells which had indicated significant hydrocarbon discoveries and the latest test results "support the view of high prospectivity in the Turkmen sector of the Caspian Sea". — AFP



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