Malaysia’s state-run oil company Petronas has signed a transition agreement with the government of the Republic of South Sudan to allow it to continue operations on blocks previously awarded by the Republic of Sudan.
The agreement will allow Petronas and its partners to continue operations on Blocks 1, 2, 3, 4, 7 and 5A which had previously been secured through exploration and production sharing agreements with the Republic of Sudan.
South Sudan, which produces three quarters of Sudan’s 500,000 barrels per day of oil output, became an independent state in July last year
Petronas holds a 30% interest in Blocks 1, 2 and four through its stake in Greater Nile Petroleum Operating Company, a 40% interest in Blocks 2 and 7 through Petrodar Operating Company and a 67.87% interest in Block 5A through its holding in White Nile Petroleum Operating Company.
Petronas’ partners in the joint operating companies include China National Petroleum Corporation, Sinopec, Oil & Natural Gas corporation and Tri-Ocean Energy.
Source: Upstream Online