KUALA LUMPUR: Petroliam Nasional Bhd’s (Petronas) subsidiary, Progress Resources USA Ltd (PRUL) together with its partners today, announced an oil discovery in the monument exploration well, offshore United States (US) Gulf of Mexico.
The national oil and gas company said the discovery marks a significant milestone for in strengthening and developing its ventures in the Americas, while diversifying and expanding its portfolio in the US and offshore US Gulf of Mexico.
It added the ultra-deepwater monument exploration well was drilled to a total depth of 10,164 metres and encountered about 60 metres of net oil-bearing sands in the lower wilcox of paleogene sandstone.
With the discoKUALA LUMPUR: Petroliam Nasional Bhd’s (Petronas) subsidiary Progress Resources USA Ltd (PRUL), together with its partners today, announced an oil discovery in the monument exploration well in Gulf of Mexico.
The national oil and gas company said the discovery marked a significant milestone in strengthening and developing its ventures in the Americas, while diversifying and expanding its portfolio in the US and offshore US Gulf of Mexico.
It added that the ultra-deepwater monument exploration well was drilled to a total depth of 10,164 metres and encountered about 60 metres of net oil-bearing sands in the lower wilcox of paleogene sandstone.
With the discovery, Petronas said further appraisal works were required to determine the full potential of oil accumulation.
Petronas Upstream executive vice president and chief executive officer Adif Zulkifli said the discovery was an encouraging development as it continued to pursue opportunities beyond Malaysia.
“It is in line with Petronas’ three-pronged growth strategy to expand our core oil and gas business by growing our resource base,” he said in a statement today.
Adif said Petronas would continue to explore opportunities in the Americas region and strengthen the sustainability of its global portfolio.
The monument exploration well is operated by Equinor Gulf of Mexico LLC with a 50 per cent working interest while PRUL holds 30 per cent and Repsol E&P USA Inc holds the remaining 20 per cent.