Sapura Upstream makes maiden foray into Australia

Sept. 7, 2018
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.

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.