Petronas to continue in South Sudan

Carrying on: Petronas has signed transition agreements allowing it continue its operations in South Sudan

REUTERS/SCANPIX

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Josh Lewis

, Josh Lewis

 16 January 2012 02:29 GMT

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…

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