Malaysia's Petronas Says Still Operating in Mauritania

Source: Reuters 10/8/2015, Location: Africa

Malaysia's Petroliam Nasional Bhd (Petronas) said it was still operating in Mauritania after media reports this week said it had started to pull out of the north African nation as low global oil prices cut revenue.

"In the event that Petronas intends to close our operations in the country, it will be in strict compliance with our legal commitments and is subject to customary conditions including the necessary approvals from relevant authorities," Wee Yiaw Hin, Petronas' chief executive officer for upstream, said in an emailed statement.

Petronas, the state owned oil firm which contributes over half of Malaysia's oil revenue, had said in December that it was open to selling its assets in Africa if growth prospects are limited, specifically in Mauritania and Cameroon. Petronas has one block in Mauritania producing 6,000 barrels of oil a day, and several gas assets in Cameroon.

The Malaysian firm's net profit fell 47 percent to 11.1 billion ringgit ($2.62 billion) in the April to June quarter on plunging crude oil prices, which has halved since last year. ($1 = 4.2330 ringgit)


Qatar >>  6/20/2022 - ConocoPhillips has been chosen by Qatar Energy as a partner in the North Field East (NFE) expansion project, the single largest project in the LNG ind...
Qatar >>  6/19/2022 - QatarEnergy has chosen Eni as a new international partner in the North Field East expansion project.

The Minister of State for Energy Affai...


Australia >>  6/16/2022 - Key Petroleum Limited attaches herewith an ASX Announcement containing an update on the sale of its remaining 50% interest in Production Licence L7 an...
Russia >>  6/16/2022 - Enel S.p.A. ("Enel") informs that the agreements related to the sale of its entire stake in the share capital of PJSC Enel Russia (“Enel Russia”) have...

United States >>  6/16/2022 - PCT LTD (“PCTL”), the parent holding company to Paradigm Convergence Technologies Corp., a company focused on acquiring, developing, and providing sus...
United States >>  6/16/2022 - Recurrent Energy, LLC ("Recurrent"), a wholly owned subsidiary of Canadian Solar Inc. ("Canadian Solar") announced the acquisition of two standalone e...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.