Petronas signs $418-million deal for Mauritania assets

Petronas Bhd. has worked out a $418-million deal to acquire Woodside Energy Ltd.'s Mauritanian assets, including the Chinguetti oil field.

Offshore staff

KUALA LUMPUR, Malaysia -- Petronas Bhd. has worked out a $418-million deal to acquire Woodside Energy Ltd.'s Mauritanian assets, including the Chinguetti oil field. The company is acquiring the assets from Woodside subsidiaries Woodside Mauritania Pty Ltd and WEL Mauritania BV.

The asset include offshore production-sharing contract (PSC) A and PSC B, the producing Chinguetti oil field in PSC B, offshore blocks 2, 6, and 7, and onshore blocks Ta 11 and Ta 12. The acreage also contains significant oil and gas potential in the existing Tiof, Banda, Tevet, and Pelican discoveries as well as several identified exploration prospects, Petronas says.

Except for block 7, Petronas will assume the operatorship in all of the blocks following the acquisition, which is expected to close in November.

Petronas, which currently holds a 35% share in block 6, says the acquisition is in line with its overall growth strategy in Africa.

9/27/2007

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