Oil field discovered off north-eastern Malaysia

An oil field with estimated reserves of 64 million barrels was discovered off north-eastern Malaysia, the government said Wednesday. The field was found offshore about 160 kilometres north-east of Kuantan in the state of Pahang at a depth of 76 metres, the prime minister's office said. It was discovered in a joint-venture exploration project by the state oil company, PETRONAS, and Sweden-based Lundin Petroleum AB, the office was quoted as saying by DPA. Crude oil production was slated to begin in the third quarter of 2014 with a projected output of 17,500 to 20,000 barrels per day, it said.