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  1. Market Data
April 28, 2022

Irong Conventional Oil Field, Malaysia

By Carmen

Irong is a conventional oil development located in shallow water in Malaysia and is operated by Vestigo Petroleum Sdn. Discovered in 1997, Irong lies in block PM 309 and Block SM2-02, with water depth of around 210 feet.

The project is currently in feasibility stage and is expected to start commercial production in 2023.

Field participation details

The field is owned by Petroliam Nasional.


Production from Irong

Production from the Irong conventional oil development project is expected to begin in 2023 and is forecast to peak in 2025, to approximately 8,161 bpd of crude oil and condensate. Based on economic assumptions, the production will continue until the field reaches its economic limit in 2066.


Remaining recoverable reserves

The field is expected to recover 45.16 Mmboe, comprised of 45.16 Mmbbl of crude oil & condensate.


About Vestigo Petroleum Sdn

Vestigo Petroleum Sdn Bhd (Vestigo), a subsidiary of PETRONAS Carigali Sdn Bhd, is an oil and gas marginal field developer that develops small and stranded oil and gas reservoirs. The company delivers rapid monetization of hydrocarbon resources by refurbishing surplus material from field, reusing the equipment and combining resources. It uses proprietary lightweight platform designs with a storage vessel, dual conductors, casing drilling techniques to provide design solutions. Vestigo also adopts seismic analysis techniques to visualize the oil and gas reservoirs. The company operates the Tembikai-Chenang field project in Malaysia. Vestigo is headquartered in Kuala Lumpur, Malaysia.

Methodology

Information on the field is sourced from GlobalData’s fields database that provides detailed information on all producing, announced and planned oil and gas fields globally. Not all companies mentioned in the article may be currently existing due to their merger or acquisition or business closure.

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