Wildcat Petroleum has announced it has entered into a Memorandum of Understanding (MOU) with Nile Petroleum Corporation (Nilepet), the National Oil and Gas Corporation of South Sudan, to collaborate together for acquiring the assets held by Petronas Carigali Nile Limited (PCNL), a subsidiary of Petronas Nasional Berhad (together PETRONAS), in the Republic of South Sudan (South Sudan).<\/p>\n\n\n\n
On 7 August 2024, PETRONAS announced the withdrawal of its operations in South Sudan following a two-year divestment initiative in alignment with PETRONAS’ long-term investment strategy amid the changing industry environment and accelerated energy transition.<\/p>\n\n\n\n
During its operations in South Sudan, PETRONAS held stakes in six oil producing blocks (Blocks 1, 2, 3, 4, 5A and 7) on a joint operating company model with working interest stakes range from 30% to 67.8%.<\/p>\n\n\n\n
On 19 August 2024, Nilepet said it would assume all assets and responsibilities held by PETRONAS in South Sudan. Upon completion of the acquisition, Nilepet confirmed it would seek partnerships with other international companies to ensure the continuation of operations and expand output.<\/p>\n\n\n\n
Under the terms of the MOU, a working party shall be established made up of representatives from Nilepet and Wildcat with the intent to exchange information and work together to agree a mutually beneficial agreement which achieves the dual objectives of sustaining and increasing overall oil production across the PETRONAS Assets. The MOU is valid for six months and can be extended by mutual consent of both parties.<\/p>\n\n\n\n