Malaysian
state energy firm Petronas said Tuesday it will embark on a 15 billion ringgit
($5 billion) project to develop natural gas fields in the South China Sea off
the country's eastern coast.
With the involvement of other "partners", the
"North Malay Basin project" will extract gas with high carbon dioxide
content from nine marginal fields to meet rising Malaysian demand, Petronas
said in a statement.
It also will develop a new 200-kilometre (124-mile) pipeline
to transport gas from the fields to Kerteh, in Terengganu state in peninsular
Malaysia.
Petronas did not name its partners in the project.
The first delivery of 100 million standard cubic feet of gas
per day was expected by early 2013, ramping up to 250 million cubic feet by
2015, it said.
Two years ago, Petronas announced it would scale back on
foreign drilling and focus its development and extraction efforts closer to
home.
The move came as Malaysia strives to counteract an export
slump. Petronas -- Malaysia's only Fortune 500 company -- contributes almost
half the country's budget revenues.
Prime Minister Najib Razak is also pushing for the
development of more reserves to address future energy demand.
Source : AFP
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