KUALA LUMPUR (Aug 13): Petroliam Nasional Bhd, or Petronas, is expanding its global footprint with its venture into Senegal, a country in West Africa, after buying a 30% stake in Rufisque Offshore Profond exploration block.
According to Petronas, the purchase was formalised after its subsidiary PC Senegal Ltd recently signed a farm-in agreement with Total E&P Senegal SAS, a subsidiary of French multinational integrated oil and gas company Total.
With the 30% stake purchase, Petronas said Total will maintain operatorship with a 60% stake, while Société Nationale des Pétroles du Sénégal, or Petrosen, will hold the remaining 10%.
"The farm-in is aligned with Petronas' upstream strategy to grow its exploration portfolio in West Africa, where it is [the] operator of an ultra-deep water block in Gabon and currently looking to explore further in the region," Petronas said in a statement today.
As for the Rufisque Offshore Profond block, Petronas said it covers an area of 10,357 sq km, offshore Senegal with a water depth ranging from 100m to 3,000m.
The block is located in the vicinity of recent significant oil and gas discoveries in blocks, namely St Louis Profond and Cayar Profond and Rusfique Sangomar OffShore Deep (RSSD).
Once the interpretation of three-dimensional seismic data is completed and prospect identified and evaluated, exploration drilling activities will commence in the Rufisque Offshore Profond block in 2019, Petronas said.