[Senegal] Petronas buys 30 per cent stake in offshore oil block
Malaysian oil and gas company Petronas through its subsidiary PC Senegal Ltd, recently signed a Farm-in Agreement with Total E&P Senegal SAS, a subsidiary of Total, to acquire a 30% participating interest in the Rufisque Offshore Profond block, marking its entry into Senegal.
Total will maintain operatorship with 60% equity alongside Société Nationale des Pétroles du Sénégal (Petrosen) which holds the remaining 10%.
The Rufisque Offshore Profond block covers an area of 10,357 square kilometres, offshore Senegal with a water depth ranging from 100m to 3000m. It 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).
Upon completion on the interpretation of the acquired 3D seismic data and once a prospect has been identified and evaluated, exploration drilling activities will commence in the Rufisque Offshore Profond block in 2019.
The farm-in is aligned with PETRONAS’ Upstream strategy to grow its exploration portfolio in West Africa, where it is operator of an ultra-deep water block in Gabon and currently looking to explore further in the region.