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Petronas makes Deepwater oil and gas discovery in Gabon

Malaysian oil and gas firm Petronas has made a deepwater oil and gas discovery in Gabon through its subsidiary PC Gabon Upstream (PCGUSA) after drilling the Boudji-1 exploration well in Block F14 (Likuale).

PCGUSA had intersected 90m of gross high quality hydrocarbon-bearing pre-salt sands while drilling the exploration well in the southern part of the West African country in water depths of 2,800m.

Petronas said that the Boudji-1 discovery is a significant milestone towards the expansion of its upstream growth in West Africa while showcasing its frontier exploration and deepwater operational capabilities.

Petronas executive vice president & upstream CEO Datuk Mohd Anuar Taib said: “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.

“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.”

Petronas plans to carry out an assessment alongside the Gabon Ministry of Petroleum & Hydrocarbons to further establish the commerciality of the resource volume.

PCGUSA, the operator of the Likuale, had agreed to sell 30% of its stake in the offshore block to Australia-based Woodside in November 2017. The transaction is subject to satisfaction of preceding conditions.

Woodside said that after the completion of its acquisition in the block, its subsidiary Woodside Energy (Gabon) will be the largest gross acreage holder in deep water offshore Gabon with stakes across four blocks, that span an area of 16,776 km2.

Recently, Petronas had also made a deal with another Australian company, Far with which it signed a farm-out agreement (FOA) for a 40% stake in the offshore petroleum licenses of Blocks A2 and A5 offshore Gambia.

Currently, the deepwater portfolio of Petronas includes its stakes across the Gumusut-Kakap, Malikai and Kikeh deepwater fields in offshore Sabah in Malaysia.

The company is also set to add two new deepwater development projects in the future to its portfolio, which include the Limbayong field in Sabah and the Kelidang Cluster in Brunei.

Source: EBR

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