Sapura Energy announces maiden farm-in project in Australia

KUALA LUMPUR: Sapura Energy Bhd said wholly owned Sapura Upstream Sdn Bhd has secured its maiden oil and gas exploration project in Australia.

This is through farm-in agreements to three exploration permits held by Finder Exploration Pty Ltd.

Sapura Energy, in a statement on Tuesday, said the three prospects are located within the highly prolific North West Shelf oil and gas province off Western Australia.

“Our entry into Australia marks another significant milestone for our upstream business as we continue to pursue growth in line with our strategy to expand our portfolio and acreage position,” its president and group CEO Tan Sri Shahril Shamsuddin said.

Sapura Energy said the farm-in project is subject to requisite regulatory approvals.

On completion, Sapura Upstream will acquire a 70% interest in all three exploration permits and assume operatorship, while Finder will retain     a 30% interest.

Sapura Energy said the company is poised to become one of Asia’s largest independent oil and gas company in terms of reserves and resources.

Recent successes includes the commencing of production from its SK310 B15 gas field, ramping up development of its SK408 block and making its ninth gas discovery offshore Sarawak.

The company has been making inroads into New Zealand with a series of farm-ins and winning Block 30 in Sureste Basin in the Gulf of Mexico.
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