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JUBA/KUALA LUMPUR (July 6): Due to adverse market conditions, Malaysian national oil major Petronas may not participate in an oil licensing round in South Sudan this year, the company announced on Tuesday.
“Petronas is conducting a strategic evaluation of its assets to ensure that its portfolio stays resilient and commercially viable,” according to a statement sent to Reuters by the business.
“As a result, Petronas may not participate in the first licensing process in South Sudan this year.”
South Sudan had its first oil licensing auction this month, with five blocks up for grabs.
Petronas and China National Petroleum Corporation both have operations in the landlocked East African country, which is progressively rebuilding its core economic sector following a five-year civil war that concluded in 2018 with a ceasefire and power-sharing agreement.
The Covid-19 epidemic has taken a toll on Petronas’ earnings. It reported a first-quarter profit that was more than double that of the previous year in May, but warned that demand recovery was still questionable.
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