PETRONAS Announces Deepwater Oil and Gas Discovery Offshore Gabon

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Kuala Lumpur, 5 March 2018 – PETRONAS’ subsidiary, PC Gabon Upstream S.A. (PCGUSA) today 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.

“The discovery in Gabon is an encouraging development for PETRONAS, as we continue to
pursue growth activities beyond Malaysia, in line with the strategy to expand our core oil and gas business by growing our resource base,” said PETRONAS Executive Vice President & Upstream CEO, Datuk Mohd Anuar Taib.

“Aside from boosting Gabon’s oil and gas industry, this discovery will also spur further growth activities in the region, and complements our achievements towards building a significant deepwater portfolio globally,” he added.

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.