Malaysiakini News

Petronas acquires 30pct stake in Senegalese oil, gas block

Reuters  |  Published:  |  Modified:

Petronas today said announced it has acquired a 30 percent stake in Senegal's Rufisque Offshore Profond block, its first project in the West African nation.

Major oil company Total will maintain operatorship of the block with a 60-percent ownership, Petronas said in a statement.

The block is located in the vicinity of significant recent oil and gas discoveries, it said, and exploration drilling activities will begin in the block in 2019.

Petronas said taking the stake is part of an upstream strategy "to grow its exploration portfolio in West Africa, where it is an operator of an ultra-deep water block in Gabon and currently looking to explore further in the region."

– Reuters

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