Petronas Acquires Stake in Mauritania Block
Tuesday, October 22, 2002
Petronas has agreed to acquire a 35% stake in the Thon oil prospect offshore Mauritania. Thon is located approximately 78 miles northwest of Nouakchott and 62 miles north of the Chinguetti discovery. Petronas Carigali would farm into the production sharing contract (PSC) for block 6, while Woodside Mauritania Pty Ltd and Hardman would reduce their equity. On completion of the deal, Woodside's stake will be cut to 37.58 percent from 59.5 percent, Hardman will hold 22.42 percent versus 35.5 percent and Roc Oil five percent, unchanged from before.