PETRONAS Announces Deepwater Oil and Gas Discovery Offshore Gabon
Tuesday 6 March 2018
PETRONAS’ subsidiary, PC Gabon Upstream S.A. (PCGUSA) announced new oil and gas discovery from its Boudji-1 exploration well in Block F14 (Likuale), located in South Gabon.
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.
The discovery marks a significant milestone for PETRONAS as it expands upstream growth in West Africa, demonstrating its frontier exploration and deepwater operational capabilities.
PETRONAS, together with the Ministry of Petroleum & Hydrocarbons, Gabon, will conduct 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 are two new upcoming deepwater development projects in the portfolio – the Limbayong field in Sabah and the Kelidang Cluster in Brunei.
PETRONAS’ global upstream reach continues to expand to Mexico with the winning of six deepwater blocks in bidding round 2.4, positioning PETRONAS 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 percent interest in the offshore petroleum licenses of Blocks A2 and A5 located offshore Gambia.
In November 2017, Woodside acquired a 30% non-operated participating interest in the Likuale (F14) Block from the operator, Petronas. Completion of the acquisition remains subject to satisfaction of conditions precedent.
Upon completion of the Likuale (F14) Block acquisition, Woodside Energy (Gabon) Pty Ltd will be the largestgross acreage holder in deep water offshore Gabon with interests in four blocks covering an area of 16,776 km2.