Petronas announces deepwater oil and gas find off Gabon

 |Mar 5, 2018

KUALA LUMPUR: Petronas subsidiary PC Gabon Upstream SA (PCGUSA) today announced a new oil and gas discovery from its Boudji-1 exploration well in Block F14 (Likuale), located in South Gabon.

The ultra-deepwater exploration well, drilled in water depths of 2,800 metres, encountered 90 metres of gross high-quality hydrocarbon-bearing pre-salt sands.

The discovery marks a milestone for Petronas as it expands upstream growth in West Africa, demonstrating its frontier exploration and deepwater operational capabilities.

“The discovery in Gabon is an encouraging development for Petronas as we continue to pursue growth activities beyond Malaysia, in line with the strategy to expand our core oil and gas business by growing our resource base,” said Petronas executive vice-president and upstream CEO Mohd Anuar Taib.

“Aside from boosting Gabon’s oil and gas industry, this discovery will also spur further growth activities in the region, and complements our achievements towards building a significant deepwater portfolio globally.”

PCGUSA is the operator for Block F14 (Likuale), with Australia’s Woodside holding a 30% participating interest.

To date, Petronas’ deepwater portfolio includes partnerships in the Gumusut-Kakap, Malikai and Kikeh deepwater fields located offshore Sabah.

There are also two upcoming deepwater development projects in the portfolio – the Limbayong field in Sabah and the Kelidang Cluster in Brunei.

Petronas’ global upstream reach continues to expand to Mexico with it winning bids for six deepwater blocks, positioning Petronas as the second largest gross acreage holder in offshore Mexico with a total of nine blocks.

Petronas also recently signed a farm-out agreement with Australia’ FAR Ltd for a 40% interest in the offshore petroleum licences of Blocks A2 and A5, located offshore Gambia. – Bernama