Mauritania Aims to Annul Disputed Oil Amendments

Tuesday, February 07, 2006
Mauritania's government vowed to use all possible legal actions to try to annul disputed amendments to oil production sharing contracts signed with Australia's Woodside Petroleum Ltd. The dispute threatens to overshadow the scheduled production start-up this month of a major offshore oil project operated by Woodside, which will turn the poor, largely desert-covered West African state into the continent's newest oil producer. Mauritania, whose new military rulers took power in a bloodless coup in August 2005, says it cannot accept the Woodside contract amendments, which were signed more than a year ago by a former oil minister who is now in prison facing trial for corruption. According to Reuters, Woodside says it believes the amendments, which were approved by the previous Mauritanian government and passed into law in 2005, are valid and binding on all parties. It has insisted the dispute does not affect its $530 million Chinguetti offshore oil project -- thought to contain up to 123 million barrels -- which is due to start output this month. Woodside will negotiate with Mauritania under the contracts' dispute resolution procedures. It added that during the talks, expected to last three months, exploration would continue in the areas covered by the production sharing contracts.

(Source: Reuters)

Maritime Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Energy

Shell Green Lights GoM Field After Cost Cuts

Royal Dutch Shell has given the green light for the development of its largest platform in the Gulf of Mexico after making steep cost cuts which made the deep water

GTT Records Order for 2 LNG Tankers

GTT receives a new order from Hyundai Samho Heavy Industries for two LNGCs for Teekay   GTT, a designer of membrane containment systems for the maritime transportation

Bahri to Buy Five More Oil Tankers from Hyundai Heavy

National Shipping Company of Saudi Arabia (Bahri) has signed a deal to buy a further five very large crude tankers from ship builder Hyundai Heavy Industries, the

News

Yanmar Diesel Engines for Fast New Crew Tender

The expansion of the number of wind turbines out at sea near the northern Dutch coast was reason enough for Ubels Offshore to expand its fleet with a fifth ship last year.

Charleston Harbor Deepening Gets US Funding

Charleston Harbor deepening project earns key federal funding for preconstruction engineering and design; U.S. Army Corps of Engineers allocates $1.303 million

Lifting Specialists Modulift, IMES form Joint Venture

Lifting industry specialists Modulift and IMES have formed a joint venture to offer an integrated management service to clients internationally.   The two companies

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Offshore Oil Pipelines Pod Propulsion Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2487 sec (4 req/sec)