Petronas, partners strike oil offshore
10-MAY-2008 Intellasia | UPI
May 10, 2008 - 7:00:00 AM
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Malaysia-based Petronas and its partners struck oil and gas in Mauritania.
In a statement to the Australian Stock Exchange, Australia-based ROC Oil, a partner with Petronas, said its unit Roc Oil Co and the partners had discovered the oil at the Banda NW ST-1 sidetrack well in about 300 metres of water, the Malaysia Star reported.
ROC Oil said results suggested natural gas at a depth of more than 85 metres and oil at a depth of more than 15 metres.
Petronas' interest in the project is through Australia's Woodside Petroleum Ltd in Mauritania, which it acquired for US$418 million. The sale included all Woodside's onshore and offshore producing, development and exploration interests in Mauritania.
Petronas said in September the acquisition of Woodside reflected its commitment and its long-term aspirations in Mauritania's oil and gas industry and complemented its overall growth strategy in Africa.
The Banda field is estimated to hold between 1 trillion and 1.5 trillion cubic feet of gas. Tullow is the third partner in the Banda venture with a 24.3% stake, while ROC owns 4.15%. The operator PC Mauritania I Pty Ltd has a 53.84% stake.
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