Petronas Reports Gabonese Discovery
Petronas announced March 5 it has made a new oil and gas discovery from its Boudji-1 exploration well in Block F14 (Likuale), offshore southern Gabon.
It did not disclose a preliminary estimate for the discovery's size, or its oil versus gas split, but said it marked "a significant milestone for Petronas it expands upstream growth in West Africa, demonstrating its frontier exploration and deepwater operational capabilities." It said a joint assessment with the Gabonese petroleum ministry would "further determine the commerciality" of the find. Petronas has a 70% interest in Block F14, with Australia's Woodside holding the remaining 30%. The well was drilled in water depths of 2,800 metres and encountered 90 metres of gross high quality hydrocarbon-bearing pre-salt sands.
Petronas, which reported 2017 profits of which many oil majors would be envious, last week announced it is farming in, with a 40% interest, to Australian independent FAR's licenses of Blocks A2 and A5 offshore Gambia.
The Malaysian firm's deepwater portfolio already includes partnerships in the Gumusut-Kakap, Malikai and Kikeh deepwater fields located offshore Sabah (Malaysia), and has two new upcoming deepwater development projects: Limbayong field in Sabah and the Kelidang cluster in Brunei. It also won interests in six deepwater blocks in Mexico's recent bid round 2.4. Petronas says that means it is the second largest gross acreage holder offshore Mexico with a total of nine blocks.
Update: In a press statement issued March 6, Woodside said it acquired the 30% non-operated participating interest in the Likuale (F14) Block from Petronas in November 2017, but said completion remains subject to satisfaction of conditions precedent. Upon completion, Woodside said it will be the largest gross acreage holder in deep water offshore Gabon with interests in four blocks covering an area of 16,776 km2