Petronas discovers oil and gas in Gabon

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(Malay Mail) PC GAbon Upstream SA (PCGUSA), a subsidiary of Petroliam Nasional Bhd (Petronas), has discovered oil and gas at its Boudji-1 exploration well in Block F14 (Likuale), South Gabon.

Petronas said the discovery marked a significant milestone for Petronas as it expanded upstream growth in West Africa, and demonstrated 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 officer, 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 complements Petronas’ achievements towards building a significant deepwater portfolio globally,” said Mohd Anuar.

Petronas and Gabon’s Ministry of Petroleum & Hydrocarbons would be conducting an assessment to further determine the commerciality 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 includes partnerships in the Gumusut-Kakap, Malikai and Kikeh deepwater fields located offshore Sabah.

Additionally, there would 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 has recently signed a farm-out agreement (FOA) with Australia’ FAR Ltd for a 40 per cent interest in the offshore petroleum licences of Blocks A2 and A5 located offshore Gambia,” it added. — Bernama