Wildcat Petroleum enters MOU for South Sudan assets

Wildcat Petroleum plc has entered a memorandum of understanding (MoU) with Nile Petroleum Corp. (Nilepet), the national oil company of South Sudan, to collaborate on the acquisition of assets held by Petronas Carigali Nile Ltd., a subsidiary of Petronas Nasional Berhad, in the Republic of South Sudan.

On Aug. 19, 2024, Nilepet said it would assume all assets and responsibilities held by Petronas in South Sudan after Petronas announced its withdrawal from operations in South Sudan following a 2-year divestment initiative. Petronas has held varying interest in six oil producing blocks in South Sudan (Blocks 1, 2, 3, 4, 5A, and 7) through a joint operating model with interests ranging from 30% to 67.8%.

Upon completion of the acquisition, Nilepet confirmed it would seek partnerships with other international companies to ensure the continuation of operations and expand output.

Under the terms of the MoU signed between Nilepet and Wildcat Petroleum, a working party made up of representatives from both companies will be established to exchange information and develop a mutually beneficial agreement aimed at sustaining and increasing overall oil production across the assets, Wildcat Petroleum said. The MoU is valid for 6 months and can be extended by mutual consent.