By Christian Moess Laursen
Wildcat Petroleum said it hasn't been able to sign a production sharing agreement with the Sudanese government due to political unrest, but that it instead will sign a service agreement to increase oil production at its Bamboo oil field.
The London-listed oil company said Monday that it intends to sign the agreement with the Northeast African country's government within the next few weeks.
Currently, the oil field produces around 4,000 oil barrels a day, previously peaking at 20,000 barrels, and Wildcat said it will be targeting an initial increase in production within a year and a target of 10,000 barrels in three to five years. Under the agreement, the field will be renamed Wildcat oil field.
"This arrangement demonstrates the good relation that Wildcat has with the Sudanese government and is a practicable solution given the current political situation in Sudan," Chairman Mandhir Singh said.
Write to Christian Moess Laursen at christian.moess@wsj.com
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September 18, 2023 at 02:28PM
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Wildcat Petroleum to Sign Deal with Sudan to Increase Oil Field Production - MarketWatch
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