Petronas unit makes new oil and gas discovery

PETALING JAYA: Petroliam Nasional Bhd (Petronas) announced that its subsidiary, PC Gabon Upstream SA, made a new oil and gas discovery from the Boudji-1 exploration well in Block F14 (Likuale) located in the waters off southern Gabon.

The company said in a media release that the ultra-deepwater exploration well, which drilled in water depths of 2,800 metres, encountered 90 metres of gross high quality hydrocarbon-bearing pre-salt sands. The discovery marks a significant milestone for the company as it expands upstream growth in West Africa.

“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 chief executive officer Datuk Mohd Anuar Taib.

He added that the discovery demonstrated the company’s frontier exploration and deepwater operational capabilities.

“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,” he said.

Petronas, together with Gabon’s petroleum and hydrocarbons ministry, will conduct an assessment to determine if the discovery would be commercially viable.

Petronas operates the Block F14 (Likuale) together with Woodside Petroleum Ltd, an Aussie exploration and production company, holding a 30% stake.

To-date, Petronas’ deepwater portfolio includes partnerships in the Gumusut-Kakap, Malikai and Kikeh deepwater fields located offshore Sabah with two more upcoming deepwater development projects in the portfolio – the Limbayong field in Sabah and the Kelidang Cluster in Brunei.