Malaysia's Petronas Says Still Operating in Mauritania
KUALA LUMPUR, Oct 8 (Reuters) – Malaysia's Petroliam Nasional Bhd (Petronas) said on Thursday it was still operating in Mauritania after media reports this week said it had started to pull out of the north African nation as low global oil prices cut revenue.
"In the event that Petronas intends to close our operations in the country, it will be in strict compliance with our legal commitments and is subject to customary conditions including the necessary approvals from relevant authorities," Wee Yiaw Hin, Petronas' chief executive officer for upstream, said in an emailed statement.
Petronas, the state owned oil firm which contributes over half of Malaysia's oil revenue, had said in December that it was open to selling its assets in Africa if growth prospects are limited, specifically in Mauritania and Cameroon.
Petronas has one block in Mauritania producing 6,000 barrels of oil a day, and several gas assets in Cameroon.
The Malaysian firm's net profit fell 47 percent to 11.1 billion ringgit ($2.62 billion) in the April to June quarter on plunging crude oil prices, which has halved since last year. ($1 = 4.2330 ringgit)
(Reporting by Emily Chow; Editing by Miral Fahmy)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Operates 12 Offshore Rigs
- After Europe's Gas Market Disasters, LNG May Come to the Rescue (Dec 12)
- Petronas Unit Agrees Share Swap With Shell's Africa Operator (Dec 05)
- Malaysia's Petronas Asked To Exit Myanmar In Protest Of Rohingya Crisis (Nov 08)