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Monday, January 21, 2008
Petronas and partners will move forward with exploration activities on Block 5B in
The National Petroleum Commission (NPC) mediated the conflict of interest and in July 2007 Petronas was told it could keep its share in Block 5B provided it allowed Ascom to maintain a share in the block.
"Petronas from tomorrow will move into the location 5B," the GoSS Minister for Industry and Mining, John Luk said.
It was not reported what percentages in the block each company would have, however, Luk said that the NPC would assess Ascom’s investment and make a decision.
Block 5B, covering more than 20,000 sq km, is operated by the consortium White Nile Petroleum Operating Co. (WNPOC). Members of WNPOC include Petronas, ONGC Videsh,
"It was a compromise between the two levels of government (state and national) that Ascom will join the consortium. Ascom will be a part of you, whatever," Luk told WNPOC partners.
Ascom was lucky, UK-based White Nile lost its right to take part in exploring on another block when the NPC ruled against it in favor of
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