KUALA LUMPUR (July 1): Petroliam Nasional Bhd (Petronas) said today that the group does not intend to participate in the Republic of South Sudan's first oil licensing round.
“Due to challenging market conditions, Petronas is undertaking a strategic review of its assets to ensure that its portfolio remains resilient and commercially viable.
“Therefore, Petronas may not be participating in the South Sudan’s first licensing round this year,” the state-owned oil and gas firm told theedgemarkets.com via email.
Last month, the Ministry of Petroleum (MoP) of the Republic of South Sudan announced the launch of the country’s first oil licensing round.
According to a report, the MoP said in a statement that it had identified new exploration blocks with potential hydrocarbons, and compiled crucial data to provide to interested investors, operators and counterparties.
“The oil licensing round aims to attract interest from a diverse group of foreign investors to a region that is already home to oil and gas majors from China and Malaysia,” it said.
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