KUALA LUMPUR: Petronas’ subsidiary, Progress Resources USA Ltd (PRUL), together with its partners have announced an oil discovery in the Monument exploration well, located offshore of the US Gulf of Mexico.
The 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 (O&G) business portfolio in the US and offshore US Gulf of Mexico, Petronas said in a statement today.
The ultra-deepwater Monument 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, it said.
Petronas executive vice president/CEO of upstream business Adif Zulkifli said the discovery is 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.
“This is the company’s first entry and discovery into O&G operations in the US Gulf of Mexico.
“We will continue to explore opportunities in the Americas region and strengthen the sustainability of our global portfolio,” he added.
The Monument exploration well is located in the central US Gulf of Mexico, operated by Equinor Gulf of Mexico LLC which has a 50% working interest, while PRUL holds 30% and Repsol E&P USA Inc holds the remaining 20%. – April 6, 2020, Bernama