KUALA LUMPUR: Petronas-linked counters were among the contributors that lifted the FBM KLCI today following the announcement of an oil discovery in the Monument exploration well in the US Gulf of Mexico.
It was Petronas’ first entry and discovery in the oil and gas (O&G) operations in offshore US Gulf of Mexico.
At 4 pm, shares of PetDag jumped 84 sen to RM20.94, PetGas was up 20 sen to RM15.50 and PetChem rose one sen to RM4.79.
Altogether, the counters saw a total of 39.57 million shares changing hands.
The national O&G company yesterday said the new discovery marks a significant milestone for Petronas in strengthening and developing its ventures in the Americas, as it diversifies and expands its oil and gas business portfolio in the US and offshore US Gulf of Mexico.
Petronas executive vice-president/CEO of upstream business Adif Zulkifli said the discovery was an encouraging development as the company continues to pursue opportunities beyond Malaysia, in line with Petronas’ three-pronged growth strategy to expand its core O&G business by growing its resource base.
The ultra-deepwater exploration well was drilled to a total depth of 10,164m and encountered about 60m of net oil-bearing sands in the Lower Wilcox of Paleogene sandstone.
With the discovery, further appraisal works are required to determine the full potential of the oil accumulation. – April 7, 2020, Bernama
