Africa: Petronas Takes Piece of Senegal Block

Petronas - far location-of-the-gambia-licences-664x712Malaysia’s state-run energy firm, Petronas, is joining Total offshore Senegal. The company signed a farm-in agreement with Total subsidiary, Total E&P Senegal for a 30% interest in the Rufisque Offshore Profond Block.

The farm-in marks Petronas’ entry into Senegal.

Under the agreement Total will remain operator with a 60% equity alongside Senegal’s national oil firm, Société Nationale des Pétroles du Sénégal (Petrosen), which holds the remaining 10%.

The Rufisque Offshore Profond block covers an area of 10,357 sq km, offshore Senegal with a water depth ranging from 100meters to 3,000meters. It is located in the vicinity of recent significant oil and gas discoveries in blocks namely St Louis Profond and CayarProfond and RusfiqueSangomarOffShore Deep (RSSD).

Upon completion on the interpretation of the acquired 3D seismic data and once a prospect has been identified and evaluated, exploration drilling activities will commence in the Rufisque Offshore Profond block in 2019.
At one time, Petronas was quite active in African upstream, but has exited some holdings in Algeria and Ethiopia. This year the company seems to have decided to once again increase holdings, already picking up a new stake in Algeria and now Senegal.

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