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

Energy

GasLog Post 4Q 2014 Results

GasLog Ltd. and its subsidiaries an international owner, operator and manager of liquefied natural gas carriers, today reported its unaudited financial results for the quarter ended December 31,

Petrobras Downgrade Shakes Market

Moody's shocked bond investors this week with a surprise two-notch downgrade that put Brazilian oil company Petrobras in junk territory. The move was seen by some investors as overly assertive,

Brightoil Reports Steady Growth in Interim Results

Brightoil Petroleum (Holdings) Limited announced its interim results for the six months ended December 31, 2014, reporting steady growth over the period.   During the period,

News

USCG Free Boat from Ice Near Woods Hole

A Coast Guard crew responded to a fishing vessel trapped in ice in Woods Hole Passage, Woods Hole, Massachusetts, Saturday. At about 3 p.m., the crew of the fishing boat Capt.

Tug Boat Owner Jailed After Crew Man Dies

A tug boat owner was today was given an 8 month custodial sentence after his crew member died trying to reattach a tow line in a violent storm. During today’s hearing at Southampton Crown Court,

COMPIT to Showcase Smarter Ships, Systems & Solutions

The 14th International Conference on Computer and IT Applications in the Maritime Industries (COMPIT) will take place from 11th to 13th May 2015 in Ulrichshusen, Germany.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Offshore Oil Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1370 sec (7 req/sec)