PETRONAS PURCHASES LUNDIN PETROLEUM’S INTEREST IN SUDAN’S BLOCK 5A

PETRONAS, through its wholly owned subsidiary, PETRONAS Carigali Overseas Sdn Bhd (PCOSB), has signed a Sale and Purchase Agreement with Lundin Sudan BV, a wholly owned subsidiary of Lundin Petroleum AB (Lundin) for the sale of Lundin’s 40.375 per cent participating interest in Block 5A, Sudan.The cash consideration payable at completion of the transaction will be US$142.5 million. Completion of the transaction is subject to various conditions including the approval from the Government of Sudan and the partners and is expected to occur within 60 days.

Following the transaction, PCOSB’s interest in Block 5A will increase from 28.5 per cent to 68.875 per cent, while OMV (Sudan) Exploration GmbH maintains its share of 26.125 per cent and Sudan’s national oil company (Sudapet), five per cent.

Block 5A is located in the prolific Muglad Basin, adjacent to and south east of Blocks 1, 2 and 4 which collectively produce about 230,000 barrels of oil per day. Block 5A contains the undeveloped Thar Jath field with reserves of 149.1 million barrels.

Apart from Block 5A, PCOSB currently has significant participating interest in Blocks 1, 2 and 4, Block 5B and Blocks 3 and 7. PETRONAS recently acquired Mobil Oil Sudan Limited, a petroleum product retailing and marketing company of that country. By having its activities in both the upstream and downstream sectors of the Sudanese petroleum industry, PETRONAS has further enhanced its presence and strengthened its brand position in Sudan.

Issued by
Media Relations & Information Department

Apr 28, 2003OffshoreMan

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