Sudan has signed a $30m deal with Fenno Caledonian to explore block 10 in the north-east of the country for possible gas or crude oil.
The Finnish firm will invest an initial $30m in the exploration over the next three years through a local unit, Fenno Caledonian Gedaref, according to Reuters.
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
There may be gas or oil in the 83,183km² block because the adjacent block 8 had gas showings, according to founder Heikki Jutila.
“There’s a sedimentary base that follows the same system as all the other bases in southern Sudan so it’s very likely that they have a system that generates hydrocarbons,” Jutila said.
Civil wars and US sanctions since 1997 have forced Sudan to look to Asian companies to develop its emerging oil sector, which produces about 470,000bpd and expects to reach 600,000bpd in 2011.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
