Petronas enters Gabon

Petronas enters Gabon

KUALA LUMPUR (DPA): Malaysia's state-owned Petronas oil firm has entered into a venture with an Italian oil and gas company, ENI, to explore three areas off the west coast of the African nation of Gabon, a Petronas statement said Thursday.

Petronas's wholly owned subsidiary, Petronas Carigali (Overseas) Sdn Bhd, signed a deal in Milan on Tuesday with EMI's subsidiary, Agip Gabon SA, to explore the three blocks of territory.

Under the agreement, Agib Gabon, which is the operator of the three blocks, will farm out a 25 per cent stake in each of the blocks to Petronas Carigali, the international investment arm of the Malaysian oil firm.

The blocks, identified as Mpolo, Chaillu and Meboun, cover a total area of 22,508 square kilometres, and are located in the Gabon Basin in the country's southern waters at depths of between 100 and 2,000 metres.