ANOTHER NEW GAS FIELD STRIKE IN MALAYSIA !!!

Today March 22nd 2006, Petronas announced the strike of another new gas field off Sarawak, Malaysia. The news was from our Star newspaper:

QUOTE:

Wednesday March 22, 2006

PETRONAS MAKES NEW GAS DISCOVERY OFF SARAWAK.

KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) has made a new gas discovery in waters off eastern Sarawak.

“The well, drilled by Petronas in its efforts to discover more gas reserves, encountered a single gas column of 630 metres, which is a new record for Sarawak,” it said in a statement. Other gas fields near the discovery were F38, F2 Attic, B12 and the gas-producing field of B11, Petronas said.

UNQUOTE.

Frankly this is nothing new. As mentioned in my last write up Malaysia is blessed with a Petroleum Malay Basin that can give as high as 60-90 percent chances of hitting Gas Reservoir(s). For oil it might be a bit lower like 40 percent.

Oil current proven Gas reserved is about 85 trillion Stantard Cubic Feet (SFC) and this latest finding might push our reserve to above 100 Trillion SCF. We are world no 12th World in Gas Reserves. Now we might move up toWorld Number 10th or 9th. BRAVO MALAYSIA!!!

Just look at the size of the payzone reported. A 630 meters of height and it is another record thickness. Just imagine if the size of this new field is as big as Brunei Darulsalam. Can U imagine the volume of Gas and Gas Condensate that it is packed with?

I am not suprise if next week Petronas make another announcement of a new finding. All in all we have a superb country with lots of Natural Gas stored in our seabed.

The issue here is that these findings does will bring much benefits to the Malaysian public if they are not being promoted and use as an Alternative Fuel.

Everytime this kind of announcement is made, all the big buyers from Korea, Japan and Taiwan will be waiting at Petronas doorstep blocking these gases for their country's used. An I am sure Petronas will sign a contract and there goes our Natural Gas. SOLD. So what do we get from it?

Petronas was initially set up to be the custodian of all our Oil and Gas assets. They started a small organisation and became a large organisation now. They are a National oil company whose function is to look after our asset and they have to understand that these assets belongs to the country and they have to be given preference to the Malaysian before selling any excess to Foreign countries. Since they belong to us we should be given the benefits to use them at a reasonable price, if possible cost price, and any big profit will only be recoop from sales to the foreign countries.

We are not asking a few trillion but just a few million scf a month. Just imagine if even all the 7.5 million vehicles in Malaysia are converted to NGV do we used a trillion scf a year? Nope. I estimate that the most we used is 10,000,000 scf a month. How unfortunate, we have only 14,900 vehicles on Malaysian streets with NGV right now.



More NGV dedicated stations shall be constructed to encourange more Malaysia to enjoy the use of our natural non polluting resource.More operators should be lisenced to sell the gas either in NGV or LNG. MiniLNG plants should be lisensed to produce LNG. All current Petrol stations operators shall be required to provide NGV dispensers and Natural gas shall be the ultimate Alternative Fuel for all Malaysian.

We should encourange every Malaysian vehicle owner to use NGV and make them pay more if they use Diesel and Petrol. The government should remove any subsidies on petroleum as soon as more NGV stations are make available.

We have the resources and we should be given the full right to use them at a reasonable price.