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Petronas marks entry into Senegal with 30% acquisition

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Syndicated News
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KUALA LUMPUR — Aug. 13, 2018: Petronas, through subsidiary PC Senegal Ltd., recently signed a farm-in agreement with TOTAL E&P Senegal SAS to have 30 per cent participating interest in the Rufisque Offshore Profond block, marking its entry into Senegal.

TOTAL, the parent company of TOTAL E&P Senegal, will maintain operatorship with 60 per cent equity alongside Société Nationale des Pétroles du Sénégal (Petrosen), which holds the rest.

The block covers an area of 10,357 sq. km. offshore Senegal, with water depth ranging from 100 metres to 3,000 metres.

It is located in the vicinity of recent significant oil and gas discoveries in blocks, namely the St. Louis Profond, Cayar Profond and Rusfique Sangomar Offshore Deep.

Upon completion on the interpretation of the acquired 3D seismic data and once a prospect has been identified and evaluated, exploration drilling activities will commence in the Rufisque Offshore Profond block next year.

The farm-in is aligned with Petronas’ upstream strategy to grow its exploration portfolio in West Africa, where it is the operator of an ultra-deep water block in Gabon and currently looking to explore further in the region. — Bernama

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