Malaysia’s Petronas to boost oil investments in Sudan

May 12, 2014 (KHARTOUM) – Sudan’s oil minister, Makkawi Mohamed Awad, announced on Monday that Sudan’s oil reserve is estimated at 4 billion barrels, predicting an increase in oil production in the coming years.

He disclosed in press statements following his meeting with the president of the Malaysian oil and gas company, Petronas in Kuala Lumpur on Monday that new investors have started exploration in Sudan’s promising new oilfields.

Awad urged Petronas to increase its oil investments in Sudan and begin explorations in new oil blocs, praising its role in Sudan’s first oil project.

The meeting discussed the possibility of increasing investments in areas that were proven to enjoy strong evidence of oil presence.

According to Sudan’s oil ministry, the president of Petronas agreed to increase his company’s investments through exploring in new oil blocs.

Petronas’ business involvement in Sudan began in 1995. Since then, Petronas’ presence in this African nation has expanded in both the upstream and downstream sectors of the country’s oil and gas industry.

Oil used to be the main source for Sudan’s budget until southern secession in July 2011, when Khartoum lost 75 percent of its oil production and its status as oil exporter overnight.

(ST)