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KUALA LUMPUR, Malaysia (July 1): Petroliam Nasional Bhd (Petronas) said today that it will not participate in the Republic of South Sudan’s first round of oil licensing.
“Due to challenging market conditions, Petronas is undertaking a strategic review of its assets to ensure that its portfolio remains resilient and commercially viable,” the state-owned oil and gas firm told theedgemarkets.com via email. “As a result, Petronas may not be participating in South Sudan’s first licensing round this year.”
The Republic of South Sudan’s Ministry of Petroleum (MoP) announced the start of the country’s first oil licensing round last month.
The MoP stated in a statement that it has identified additional exploration blocks with potential hydrocarbons and prepared critical data to send to interested investors, operators, and counterparties, according to a report.
“The oil licensing round intends to encourage interest from a wide set of foreign companies to an area where oil and gas majors from China and Malaysia already operate,” it stated.
Read also: Despite changing energy prices, Petronas associate LNG Canada’s project pushes forward — report
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