KUALA LUMPUR: Sapura Energy Bhd’s wholly-owned subsidiary, Sapura Upstream Sdn Bhd, is making its maiden foray into Australia by signing farm-in agreements to acquire three offshore exploration permits held by Finder Exploration Pty Ltd.
Following the signing with the Australia-based private oil and gas (O&G) company, and subject to securing regulatory approvals, Sapura Upstream would acquire a 70 per cent interest in blocks within the highly prolific North West Shelf O&G province off Western Australia and assume operatorship.
In a statement today, Sapura Energy President and Group Chief Executive Officer Tan Sri Shahril Shamsuddin said the entry into Australia marked another significant milestone for the upstream business to pursue growth in line with the group’s strategy to expand portfolio and acreage position.
“Our joint venture with Finder is a demonstration of the trust and recognition for both our shallow and deep-water capabilities, technical skills and geological expertise,” he added.
Sapura Upstream's interests will be in blocks EP 483 & TP/25, WA-412-P and AC/P 61. Finder will retain the remaining 30 per cent interest in the permits.