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PETRONAS SIGNS EXPLORATION & PRODUCTION SHARING AGREEMENT FOR BLOCK 5B IN SUDAN
PETRONAS, together with Sudapet Ltd, IPC Sudan Ltd and OMV Aktiengesselshaft, was yesterday awarded the exploration and production contract for Block 5B onshore Sudan by the Government of the Republic of The Sudan. Block 5B will complement PETRONAS’ existing operations in Sudan’s oil rich Muglad Basin, namely in Blocks 1, 2 and 4 and Block 5A.
The contract was concluded in Khartoum yesterday with the signing of the Exploration and Production Sharing Agreement (EPSA) between PETRONAS and the three companies as partners for Block 5B and Sudan’s Oil Exploration and Production Authority (OEPA). PETRONAS through its wholly-owned subsidiary PETRONAS Carigali Overseas Sdn Bhd (PCOSB) will hold a 41 percent participating interest in the block while IPC, OMV and Sudapet will each own 24.5 percent, 24.5 percent and 10 percent stakes respectively. PCOSB will be the operator of the block. Under the EPSA, the contractor will reprocess all existing seismic data, acquire and process 1,000 line-km of new 2-D seismic data, as well as drill three wildcat wells. The contractor’s minimum financial commitment for the contract is US$33 million. (more…)