Kei Emmanuel Duku
Wildcat Petroleum Plc has signed a Memorandum of Understanding (MOU) with the South Sudan National Oil and Gas Corporation (Nilepet) and acquired assets previously owned by Petronas Carigali Nile Ltd., a subsidiary of Petronas Nasional Berhad.
This development follows Petronas’ decision to cease oil operations in South Sudan after a two-year divestment initiative. Petronas held stakes in six different oil operating areas, ranging from 30% to 67.8%, including assets that Nilepet has now acquired.
Nilepet announced its intention to partner with international companies to ensure continued operations and expand oil output.
Wildcat Petroleum, through the six-month MOU, aims to explore opportunities for large-scale oil production in South Sudan. The company will strengthen its relationship with the Ministry of Petroleum and Nilepet and seek to acquire oil-producing assets in the region.
The MOU outlines plans for both parties to establish representatives to exchange information and work towards a mutually beneficial agreement.
The goal is to sustain and increase overall oil production across the acquired Petronas assets.
Wildcat Petroleum Plc is a United Kingdom-based company focused on the upstream sector of the petroleum industry, specifically in the exploration, appraisal, development, and production of oil and gas.
Incorporated in early 2020, Wildcat Petroleum aims to acquire and develop projects that are in the later phases of exploration and production.
The company was publicly listed on the London Stock Exchange following a successful Initial Public Offering (IPO) in December 2020.