• 5 minutes THE GREAT OIL PRICE PREDICTION CHALLENGE OF 2018
  • 8 minutes So oil touched $80! (WTI break $71 twice). What does the future hold?
  • 14 minutes China Tariff Threatens U.S. LNG Boom
  • 2 hours Global Hunger Continues to Grow Driven By Climate Change
  • 11 hours Threat: Iran warns U.S, Israel to expect a 'devastating' revenge
  • 2 hours Tesla’s Powerpack Battery in Australia Made up to $17 Million
  • 5 hours Will Robots Bring The Demise Of European Artistry?
  • 17 hours Praise for Alberta
  • 52 mins Downloadable 3D Printed Gun Designs, Yay or Nay?
  • 56 mins Why Are the Maldives Still above Sea Level?
  • 6 hours Nothing new in Middle East? Iran Puts On 'Show Of Strength' Military Exercise In Gulf
  • 10 hours Saudi Aramco IPO Seems Unlikely
  • 24 hours Lack of Global Warming Messes with Russian Arctic LNG Plans
  • 1 day Regime For Regime: China Says Willing To Provide Venezuela With What Help It Can
  • 1 day Freedom Of Internet: Google Plans Censored Version Of Search Engine In China!
  • 5 hours Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
Is Russia Smuggling Fuel To North Korea?

Is Russia Smuggling Fuel To North Korea?

United States Ambassador to the…

Here’s What’s Next For Russian LNG

Here’s What’s Next For Russian LNG

Russia’s risk-averse energy sector is…

Canadia Ltd. Returns To Sudan For First Time Since Oil Price Crash

Oil

State Oil Company Canada Ltd. has returned to Sudan and will resume exploration in the Al-Rawat field, Sudanese media reported, quoting the country’s Minister of Petroleum Abdel-Rahman Osman.

The Canadian company was originally part of a four-way partnership with local state energy firm Sudapet and two Nigerian oil and gas producers, but it pulled out amid the oil price crash, leaving 70 percent of the field in the hands of Sudapet, with the Nigerian players sharing the remainder.

Now, under a new memorandum of understanding, State Oil Company Canada Ltd. will have the option of taking over half of Sudapet’s stake in Al-Rawat, as the country strives to boost its crude oil production to 200,000 bpd from the current rate of between 80,000 and 133,000 bpd, according to different estimates.

Sudan lost most of its oil wealth with the secession of South Sudan in 2011, after a long and bloody civil war that led to the imposition of economic sanctions on Khartoum by the United States some 20 years ago. These were lifted earlier this month, spurring activity in the oil sector. Israel and Saudi Arabia have been lobbying hard to relieve Sudan from the sanctions in a bid to distance Khartoum from mutual rival Iran.

Related: Why Petrol Powered Cars Aren’t Going Anywhere

Sudan is currently preparing an exploration tender covering 15 oil and gas blocks holding potential resources of 70 billion barrels. The tender is also part of efforts to increase total oil production, eventually to as much as 500,000 bpd, said Sudan’s oil minister Saadeldin Abdelmagid in an interview for S&P Platts.

Earlier this year, in anticipation of the lifting of sanctions, Sudan and South Sudan signed a deal to open direct trade along the border and increase production in the oil fields in South Sudan that are currently not functioning because of the still unstable internal political situation. The deal will serve as an economic lifeline to both countries.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News