PETRONAS Announces Oil Discovery in the US Gulf of Mexico
PETRONAS’ subsidiary, Progress Resources USA together with its partners, announced an oil discovery in the Monument exploration well, offshore United States Gulf of Mexico.
The discovery marks a significant milestone for PETRONAS in strengthening and developing PETRONAS’ ventures in the Americas, as it diversifies and expands its oil and gas business portfolio in the US and offshore US Gulf of Mexico.
The ultra-deepwater Monument exploration well was drilled to a total depth of 10,164 metres and encountered approximately 60 metres 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.
PETRONAS Executive Vice President & Chief Executive Officer of Upstream, Adif Zulkifli said, “The discovery in the US Gulf of Mexico is an encouraging development for PETRONAS as we continue 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.”
“This is the company’s first entry and discovery into oil and gas 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. It is operated by Equinor Gulf of Mexico LLC with a 50% working interest while PRUL holds 30% and Repsol E&P USA Inc. holds the remaining 20%.The Monument exploration well is located in the central US Gulf of Mexico. It is operated by Equinor Gulf of Mexico LLC with a 50% working interest while PRUL holds 30% and Repsol E&P USA Inc. holds the remaining 20%.
