KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) has announced it is withdrawing from its operations in South Sudan.
According to its website, the national oil company has been operating in South Sudan via its subsidiary Petronas Carigali Nile Ltd (PCNL) since 2011.
"The decision was made following a two-year period of divestment initiatives in alignment with Petronas’ long-term investment strategy amid the changing industry environment and accelerated energy transition” it said in a statement on Wednesday.
Petronas said that PCNL will continue to work with all relevant stakeholders to ensure an amicable transition while being mindful of its employees’ rights in accordance with applicable laws, petroleum agreements, and Petronas’ policies and procedures.
PCNL’s presence in South Sudan oil and gas industry is based on a joint operating company (JOC) model with interest in three JOCs namely -- Dar Petroleum Operating Co Ltd, Greater Pioneer Operating Co Ltd and Sudd Petroleum Operating Co Ltd, established by PCNL together with other exploration and production sharing agreement contractors. - Bernama
