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Malaysian Petronas Signs Transition Agreement with South Sudan.

Kuala Lumpur, Jan. 16 (BNA) - Malaysian Petronas and its partners have signed a transition agreement with the South Sudan Government for the continued operations in the upstream blocks in the country.

In a statement, the national oil company said the agreement grants Petronas and its partners, the rights to conduct petroleum operations in Blocks 1, 2 and 4, Blocks 3 and 7 and Block 5A, according to Malaysian (Bernama) News Agency.

These are their existing contract areas secured via the previous exploration and production sharing agreements. Petronas had been actively involved in the development of the petroleum industry in Sudan, long before the secession of South Sudan in July last year. Its investments in these two countries form an important international asset portfolio for the Malaysian national oil corporation.

Petronas said it is committed to the growth and development of the petroleum industry in South Sudan, as well as its efforts in human resource development via academic initiatives, technology-based skills training and professional capability building.

MYZ

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Publication:Bahrain News Agency
Geographic Code:6SUDA
Date:Jan 16, 2012
Words:183
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