Page 26: of Offshore Engineer Magazine (Jan/Feb 2026)

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MARKETS EXPLORATION off is managed in Indonesia, Malaysia, Papua New Guinea spanning more than 200 km² in 1,000 m of water. With and Australia will infuence LNG contract structures and c.5.2 Tcf of unrisked 2U prospective gas resources, a com- pricing for years to come. mercial discovery could underpin a wider deepwater explo- ration drilling campaign and a new LNG-scale develop- ment via the MLNG complex.

Deepwater Frontiers: Basin-Opening Wells to Watch

Alongside the near-term projects, exploration momen- Vietnam’s planned 125-BR-1X well in Block 125 in the tum is growing, with several deepwater and play-opening frontier Phu Khanh Basin is another standout opportu- wells scheduled for 2026 and beyond. Success at any one nity, with unrisked mean prospective resources exceeding of these would have basin-scale implications, materially ex- 13 bnbbl of oil across identifed leads. Pharos Energy has panding the region’s long-term resource base. secured a PSC extension to late-2027, but drilling will de-

In Papua New Guinea, TotalEnergies and PETRONAS pend on rig availability and partner alignment.

are preparing to drill the giant Mailu prospect in PPL 576 in In Indonesia, the Akbar-1 well in the Bobara Block off the Coral Sea at c.2,000 m water depth. A discovery would West Papua will be the frst test of a frontier ultra-deepwa- improve the geological understanding of the broader area, ter basin, operated by PETRONAS with Pertamina and opening a new play and de-risking adjacent clastic prospects. TotalEnergies. A discovery would open a new play and

Also nearby in PPL 579, Larus Energy’s Nanamarope-1 will support domestic production targets.

test a different play concept but is contingent on securing a As 2026 unfolds, the region’s upstream narrative will be partner given the estimated US$100 million cost. shaped by both sides of this story: a tangible wave of off-

In Malaysia’s Block 2A, in the prolifc North Luconia shore oil and gas projects shoring up domestic supply and

Basin, the Kertang-1X well will target Oligocene and Mio- LNG exports, and several frontier wells, each potentially cene formations in a very large four-way structural closure redefning longer-term opportunities.

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