Woodside Sells Mauritania Interests to Petronas

Petronas Australia has agreed to acquire the entire interest of Woodside Energy Ltd's Mauritanian subsidiaries -- Woodside Mauritania Pty Ltd and WEL Mauritania BV -- for a base price consideration of US$418 million.

The acquisition, subject to regulatory approvals, gives PETRONAS significant interests in eight upstream acreages in Mauritania. These include offshore Production Sharing Contract (PSC) A and PSC B areas, the producing Chinguetti oil field in PSC B, offshore Blocks 2, 6, 7 and onshore Blocks Ta 11 and Ta 12.

PETRONAS already has an existing 35 per cent share in Block 6. Except for Block 7, PETRONAS will assume the operatorship in all of the acreages following the acquisition.

Apart from the producing Chinguetti field in PSC B, the acquired acreages also contain significant oil and gas potential in the existing Tiof, Banda, Tevet and Pelican discoveries and in several identified exploration prospects.

The acquisition, expected to close in November, reflects PETRONAS' commitment and its long-term aspirations in Mauritania's oil and gas industry and complements its overall growth strategy in Africa.


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