KUALA LUMPUR — March 5, 2018: PC GAbon Upstream SA (PCGUSA), a subsidiary of Petronas, has discovered oil and gas off South Gabon.
The discovery marks a significant milestone for the national oil company as it expands upstream growth in West Africa and demonstrates frontier exploration and deepwater operational capabilities.
“It 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,” executive vice-president and upstream chief executive Datuk Mohd. Anuar Taib said in a statement today
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.
Aside from boosting Gabon’s oil and gas industry, this discovery will also spur further growth activities in the region and complement Petronas’ achievements towards building a significant deepwater portfolio globally, said Anuar.
Petronas and Gabon’s Ministry of Petroleum & Hydrocarbons will be conducting an assessment to further determine the commercial viability of the resource volume.
PCGUSA is the operator for Block F14 (Likuale), with Australia’s Woodside holding a 30 per cent participating interest.
To date, Petronas’ deepwater portfolio include partnerships in the Gumusut-Kakap, Malikai and Kikeh deepwater fields located offshore Sabah.
Additionally, there will be two new upcoming deepwater development projects in the portfolio, namely the Limbayong field in Sabah and Kelidang Cluster in Brunei.
Petronas said its global upstream reach continued to expand in Mexico after winning six deepwater blocks in bidding round 2.4. This has positioned the company as the second largest gross acreage holder in offshore Mexico with a total of nine blocks.
Further strengthening the company’s presence in West Africa, Petronas recently signed a farm-out agreement with Australia’ FAR Ltd. for a 40 per cent interest in the offshore petroleum licences offshore Gambia. — Bernama