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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Tomas who wrote (2365)5/3/2001 10:11:38 PM
From: Tomas  Read Replies (2) of 2742
 
Petronas swells in Sudan - Malaysian wins new exploration block
Upstream, May 3
By Amanda Battersby

Malaysian national upstream company Petronas Carigali has boosted its Sudan E&P portfolio with the award of onshore block 5B in the oil-rich Muglad basin.

Petronas signed an exploration and production sharing agreement (EPSA) for the licence with Sudan’s Oil Exploration and Production Authority. The $33 million exploration commitment programme includes reprocessing all existing seismic data, the acquisition and processing of 1000 line kilometres of new 2D seismic and the drilling of three wildcat wells.

No wells have yet been sunk on remote block 5B, which covers an area of some 22,232 square kilometres about 800 kilometres south-west of the capital Khartoum. Petronas Carigali will hold a 41% interest in and operate the block where its partners will be IPC (24.5%), OMV (24.5%) and Sudapet (10%).

Block 5B is adjacent to blocks 1, 2, 4 and 5A. In block 5A the same co-venturers have made "an encouraging discovery" with potential crude reserves of about 230 million barrels.

"The EPSA for block 5B reflects our commitment to building our presence in Sudan as part of efforts to seek new oil and gas resources to augment Malaysia’s reserves, in line with its globalisation drive," Petronas said.
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