Chinese and Arab oil firms have formed a joint venture to search for petroleum in southeast Sudan, a newspaper said here Sunday.
The Chinese National Petroleum Corporation (CNPC), Gulf Oil of Qatar, and a United Arab Emirates firm formed a consortium with Sudan's state-run Sudapet in a deal signed on Saturday, As-Sahafi Ad-Dawli daily said.
The consortium will carry out oil operations in a concession area of 75 square kilometres east of the White Nile in the eastern parts of Upper Nile state, it said.
It will develop existing oil fields in Adaryel and explore other fields in the concession area, the paper added.
Gulf Oil will hold 46 percent, CNPC and the UAE company 23 percent each, and Sudapet the remaining eight percent of the shares of the group, the newspaper said.The UAE firm was not named in the report.
CNPC already operates with Petronas of Malaysia, Talisman Energy of Canada and Sudapet in the Higleig oil fields in southwest Sudan.
Sudan became an oil exporting country in late August last year, delivering mainly to customers in Asia.
Sudanese officials said in May that export capacity was at around 200,000 barrels per day, putting Sudan far behind such OPEC countries as Nigeria and Libya, and even smaller exporters like Egypt.
Sudan has an estimated three billion barrels of reserves, but 700 million barrels of proven, recoverable reserves, they said.—AFP.
©--Agence France Presse.
© 2000 Mena Report (www.menareport.com)