|
13/1/2012
PETRONAS SIGNS TRANSITION AGREEMENT WITH SOUTH SUDANPETRONAS and its partners have signed a Transition Agreement with the Government of the Republic of South Sudan for their continued operations in the upstream blocks in South Sudan previously awarded by the Government of the Republic of the Sudan.
The agreement signed on 13 January 2011 grants PETRONAS and its partners the rights to conduct petroleum operations in Blocks 1, 2 & 4, Blocks 3 & 7 and Block 5A, their existing contract areas secured through the previous Exploration & Production Sharing Agreements (EPSA).
The agreement was signed by Executive Vice President Exploration & Production, Dato’ Wee Yiaw Hin, in Juba, the Republic of South Sudan, in the presence of the Minister of Petroleum and Mining, the Honourable Stephen Dhieu Dau.
PETRONAS’ delegation was led by the President & Chief Executive Officer Dato’ Shamsul Azhar Abbas who was accompanied by President of PETRONAS Carigali Sdn Bhd Datuk Abdullah Karim and PCSB Vice President of Production (International) Encik Sharbini Suhaili.
PETRONAS’ presence in the Republic of South Sudan is through its interests in Greater Nile Petroleum Operating Company Ltd (30%), Petrodar Operating Company (40%) and White Nile Petroleum Operating Company Ltd (67.87%), the respective joint operating companies for the three contract areas. PETRONAS’ partners are China National Petroleum Corporation, Oil and Natural Gas Corporation, China Petroleum & Chemical Corporation and Tri-Ocean Energy.
PETRONAS has been actively involved in the development of the petroleum industry in the Republic of the Sudan, long before the secession of the Republic of South Sudan in July 2011. Its investments in these two countries form an important international asset portfolio for the Malaysian national oil corporation.
Apart from protecting the rights and investments of PETRONAS and its partners in the existing contract areas, the Transition Agreement also paves the way for enhanced, mutually-beneficial relationship between PETRONAS and its partners with the Government of South Sudan.
PETRONAS is committed to the growth and development of the petroleum industry in the Republic of South Sudan, as well as its efforts in human resource development via academic initiatives, technology-based skills training and professional capability building.
Issued by
PETRONAS South Sudan Operations
13 January 2012
|