May 27, 2006	Saturday	Rabi-us-Sani 28, 1427

NOUAKCHOTT, May 26: The Mauritanian government and Australia’s Woodside Petroleum have postponed the signing of new oil production sharing contracts until June 6, sources close to the negotiations said on Wednesday. The deal was due to be signed on May 24, but the date was put back for “reasons of convenience” with the approval of both parties, a source said.

The new contracts, agreed on May 16, replace disputed amendments in previous agreements which had led to a dispute between Woodside and the government of the poverty-stricken west African state.

Woodside is one of the partners operating Mauritania’s big Chinguetti offshore oil field, which began pumping oil in February and saw its first shipment of 950,000 barrels from set off for China.

As Africa’s newest oil producer, Mauritania hopes to boost its economic growth by up to 20 per cent from the oil revenues.—AFP