Petronas negotiating stake in new Sudanese oil exploration

Jul 13, 2000 02:00 AM

Malaysia's Petronas is negotiating with the Sudanese government to hold a minimum 40 % stake in a new oil exploration and production project in southern Sudan. The project, on a site known as Block 5 b, is due to begin in January.
"The Sudanese government will hold a bigger share in this project, at least 15 %, compared with a 5 % equity in previous ventures. The balance of the shares will be allocated to European companies," said Hassan Mohamed Ali, secretary-general of Sudan's Ministry of Mining and Energy.

Petronas currently has a 30 % stake in the Greater Nile Petroleum Operating Company (GNPOC) which is exploring and developing Blocks 1,2 and 4, also in the south. Petronas' other partners are China National Petroleum with 40 %, Talisman Energy, 25 % and Sudan National Oil Sudapet, 5 %. Malaysia's national oil company has currently invested a total of $ 800 mm in petroleum exploration and production in Sudan.

Source: Bridge News via Newspage
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