In spite of the recent decline in oil price, rig count, drilling permits and well completions, with an estimated 1.284 Bb of production in 2015, Texas is expected to break historical records for crude oil production.
Malaysia’s bid to turnaround the decline in its ageing petroleum reserves has exceeded expectations thanks to a series of major discoveries offshore Sarawak.
Apache announced on 18 August that its shallow water Phoenix South-1 exploration well in permit WA-435-P, 180 km north of Port Hedland, had intersected at least four discrete oil columns ranging in thickness between 26m and 46m. It made a preliminary estimate of 300 MMbo in place.
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