Perenco SA, owned by the billionaire Perrodo family, is working on entering new countries. The company is currently seeking the resources to sustain its present oil production.
Speaking during an interview, Perenco Chief Executive Officer, Armel Simondin, revealed that the plan is to guarantee the production of 500,000 on a daily basis and then build on that going forward.
“What I want to do is to build a strong foundation of 500,000 barrels a day.
Once we have established that, then we consider going further,” he said.
The firm, which focuses on extracting crude from mature oil fields, derives most of its production from the central region of Africa, with operations spanning over twelve nations across the globe.
Even though Gabon, Cameroon and the Republic of Congo make up about half of Perenco’s current production, its geographic footprint could change with the ongoing search to replace decreasing crude deposits.
According to him, remaining at its present level requires finding 100 million barrels of oil resources every year, so the company will work towards making it a reality.
He concluded by saying that the search for new countries will go a long way towards extending Perenco’s base.
“We are not in a rush, but we are going to look at new countries in the coming years because we need to extend our base,” he added.
Perenco bought assets from Woodside Energy Group Ltd. months ago in Trinidad and Tobago, where, along with fields purchased from BP Plc, has become the second largest oil and gas producer in the country.
The company’s hub remains central Africa, where it will direct about 3 quarters of its $2 billion yearly investment – a spending level that it intends to maintain even as crude prices continue to weaken.
