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Tuesday, August 29, 2017
Petronas, the state-run firm out of Malaysia, plans to exit its holdings in Algeria, according to its half-year earnings report. “As part of the company’s portfolio high-grading efforts, Petronas has decided to divest its position in Algeria,” the company said. It did not give further details.
Petronas holds a 35% stake in Algeria’s Bir El Msana field, whose reserves are at 144 million barrels, along with Sonatrach and Spain’s Cepsa.
The Bir El Msana block is located in the southeast region of Algeria. The oil field was discovered on the block in 2003 and was appraised in 2005 with an ambitious step-out well to define the oil-water contact, which tested more water. It looked unlikely that the field would be developed until a deep well found oil in the Triassic TAG-I formation, however lower oil prices put any further work on the back burner and now the company will leave those resources behind.
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