The Sudanese government recently signed its first oil and gas exploration contract with Russia’s Slavneft Oil Company, valued at $200 million. Slavneft plans to invest $180 million into the 126,000 square kilometer potential oil field, while the Sudan Petroleum Company (Sudapet) is expected to provide the remaining $20 million, reported SPA. Exploration is expected to begin in March or April 2002.
The recent agreement with Slavneft is part of Sudan’s plan to double its oil output by 2006. Sudan currently produces over 81.9 million barrels of oil annually and is striving to reach 146 million barrels per annum. Based on exploration completed to date, Sudan's proven reserves of crude oil are estimated at no more than 270 million barrels.
In October 2001, Tatar Prime Minister Rustam Minnikhanov and Sudanese Foreign Trade Minister Musa Kasha reached an agreement that Tatarstan's oil company Tatneft will seek out and extract new gas and oil reserves. — (menareport.com)
© 2002 Mena Report (www.menareport.com )