Sapura Upstream makes maiden foray into Australia

Malaysian firm Sapura Upstream Sdn. Bhd. has made its maiden entry into exploration work in Australia through a farmin to three permits offshore Western Australia held by Perth-based private firm Finder Exploration Pty. Ltd. All three permits are in the North West Shelf oil and gas province.

The EP483-TP/25 permit is in shallow water at the southern margins of the Carnarvon basin and close to existing infrastructure. WA-412-P is in the northern Carnarvon basin adjacent to several large oil and gas fields. AC/P61 is in the Vulcan subbasin surrounded by oil and gas discoveries.

On completion of the farmin, Sapura will acquire a 70% interest in all three permits. Finder will retain 30%.

The new venture plans to drill two exploration wells in the Carnarvon basin permits during 2019-20. In the Vulcan subbasin permit, the combine will acquire seismic data in 2019 to mature prospects to decide drilling locations.

Sapura said its entry into upstream Australia is a continuation of its strategy to expand the company’s portfolio and acreage position. The move follows its acquisition of 30% interest in five offshore permits in the Taranaki basin off the North Island of New Zealand in deals with OMV and Mitsui at the end of March.

Sapura is already a major player in Malaysia with exploration and production offshore Sarawak, as well as a presence in the Gulf of Mexico.

Sapura Upstream, formerly known as Sapura Exploration & Production Sdn. Bhd., is a wholly owned subsidiary of international integrated oil and gas services company Sapura Energy Bhd.

News Source: Link