Lundin sells Sudan block 5a holding

28 April 2003
Sweden's Lundin Petroleum is to sell its 40 per cent stake in Sudan's Block 5a to Malaysia's Petronas Carigali Overseasfor $142.5 million, pending approval by the Khartoum government. Lundin raised the possibility of diluting its stake in the development in March (MEED 4:3:03). 'This is an important deal for Lundin Petroleum,' said chief executive Ashley Heppenstall in a statement on 28 April. 'In spite of the exploration potential of block 5a, the possibility to realise this asset is commercially attractive.' In common with other companies operating in Sudan, Lundin had been the target of criticism from human rights groups, who accuse the government of using oil revenues to prosecute its civil war against the southern rebels. Block 5a in the Thar Jarth field contains an estimated 149.1 million barrels of oil. Lundin retains a 24.5 per cent interest in Thar Jarth Block 5b.

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