Woodside Signs Revised Mauritanian PSCs


Mauritania Blocks Offshore West Africa
(Click to Enlarge)
Woodside Mauritania Pty. Ltd., a wholly owned subsidiary of Woodside Petroleum Ltd., and its joint venture participants in Mauritania have signed revised production sharing contracts (PSCs) for offshore zones A, B, C2 and C6.

In a signing ceremony in Nouakchott, representatives of Woodside, its joint venturers and the Islamic Republic of Mauritania formally agreed to the revised contracts for the four offshore zones.

The revised contracts reflect an agreement signed by Woodside and the Mauritanian Government in March this year which resolved a dispute between the parties over previous amendments to the original PSCs.

The major elements of the resolution, reflected in the revised PSCs, are:

  • Exploration periods are secured in line with previous arrangements;
  • A Chinguetti Project bonus of US$100 million shall be paid by the zone B joint venturers to the Mauritanian Government approximately 14 days following the approval of the revised PSC B and subsequent to the gazettal of the revised contract;
  • Fiscal incentives which will provide a greater share of revenue from the Chinguetti project to the Mauritanian Government during periods of high oil prices; and
  • Establishment of an Environmental Commission, funded through a total annual payment of US$1 million by the joint venturers during the life of production from the revised PSCs.

The revised PSCs come into effect after their formal gazettal in the Official Journal in the Islamic Republic of Mauritania.

The signing of the revised contracts establishes greater fiscal certainty and allows increased cooperation between Woodside, its joint venture participants and the Islamic Republic of Mauritania.

For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit www.riglogix.com.
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Chloride Sales Manager
Expertise: Business Development|Customer Service|Sales
Location: The Woodlands, TX
 
Project Manager (Subs)
Expertise: Project Management
Location: Bremerton, WA
 
Construction Contracts Analyst
Expertise: Contracts Administration|Legal
Location: Alpharetta, GA
 
search for more jobs

Brent Crude Oil : $53.87/BBL 0.48%
Light Crude Oil : $50.73/BBL 0.79%
Natural Gas : $3.33/MMBtu 2.14%
Updated in last 24 hours