Petronas discovers oil at Indonesia’s Hidayah-1 exploration well

The Petronas logo is seen against the Petronas Twin Towers. Petronas today said it has made an oil discovery at the Hidayah-1 exploration well in Indonesia through its subsidiary PC North Madura II Ltd. — Picture by Yusof Mat Isa
The Petronas logo is seen against the Petronas Twin Towers. Petronas today said it has made an oil discovery at the Hidayah-1 exploration well in Indonesia through its subsidiary PC North Madura II Ltd. — Picture by Yusof Mat Isa

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KUALA LUMPUR, Feb 24 — Malaysia state oil firm Petroliam Nasional Berhad, or Petronas, today said it has made an oil discovery at the Hidayah-1 exploration well in Indonesia through its subsidiary PC North Madura II Ltd.

“The well encountered an oil-bearing carbonate build-up with good reservoir qualities in the Ngimbang carbonate formation and tested at approximately 2,100 BOPD (barrels of oil per day) with good crude quality,” Petronas said in a statement.

It said results from the Hidayah-1 exploration well, located within the North Madura II Production Sharing Contract (PSC) offshore East Java, will be further assessed to ascertain its potential.

“The discovery at the Hidayah-1 exploration well marks an important milestone for the North Madura II PSC as it has proven oil potential of carbonate build-up in the area,” said Emeliana Rice-Oxley, Petronas Vice President of Exploration, Upstream.

PC North Madura II Ltd is the operator with 100 per cent participating interest in the North Madura II PSC. — Reuters

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