Petro Matad production halted in Mongolia amid PetroChina row

Energy Oil & Gas Written by: Jamie Ashcroft 02:52 Tue 22 Sep 2026 --> Disclaimer No investment advice About this content Editorial Standards & Policies Share article About this content × About Jamie Ashcroft Jamie Ashcroft, the News Editor for Proactive UK, has developed an impressive career in financial journalism, focusing on the small-cap sector for over fourteen years. Before joining the Proactive team, he was a stockbroker during the global financial crisis, a role that complemented his educational background - a first-class degree in Business and Economics and qualifications in software design and development. As one of the early external hires at Proactive in 2009, Jamie contributed... Read more About the publisher Proactive financial news and online broadcast teams provide fast, accessible, informative and actionable business and finance news content to a global investment audience. All our content is produced independently by our experienced and qualified teams of news journalists. Proactive news team spans the world’s key finance and investing hubs with bureaus and studios in London, New York, Toronto, Vancouver, Sydney and Perth. We are experts in medium and small-cap markets, we also keep our community up to date with blue-chip companies, commodities and broader investment stories. This is content that excites and engages motivated private investors. The team delivers news and unique insights across the market including but not confined to: biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto and emerging digital and EV technologies. Use of technology Proactive has always been a forward looking and enthusiastic technology adopter. Our human content creators are equipped with many decades of valuable expertise and experience. The team also has access to and use technologies to assist and enhance workflows. Proactive will on occasion use automation and software tools, including generative AI. Nevertheless, all content published by Proactive is edited and authored by humans, in line with best practice in regard to content production and search engine optimisation. Petro Matad Limited ( AIM:MATD OTC:PRTDF ) View Price & Profile Petro Matad production halted in Mongolia amid PetroChina row Published: 02:52 22 Sep 2026 EDT Petro Matad Limited (AIM:MATD, OTC:PRTDF, FRA:HA3) has shut in its Heron-1 and Gazelle-1 wells after PetroChina ordered deliveries of Block XX crude to stop, extending a long-running dispute over the company’s 2026 Oil Sales Agreement. The move comes despite PetroChina providing written confirmation in August that its internal issues had been resolved and that exports and sales of Petro Matad’s 2026 production would begin. PetroChina has now said discussions are still continuing at head office, preventing its Mongolian subsidiary from processing Petro Matad’s invoices. With storage tanks at Block XIX close to capacity and Chinese national day holidays approaching in early October, when oil imports from Mongolia are suspended, PetroChina instructed Petro Matad to cease deliveries. Petro Matad has escalated the matter to Mongolia’s Deputy Prime Minister and is pursuing regulatory, ministerial and diplomatic channels. It is also continuing discussions with prospective buyers over alternative routes to market should the delay persist. Chief executive Mike Buck said the latest development “beggars belief” following last month’s written assurances. Buck added: "We are working with all stakeholders to bring this sorry saga to a satisfactory conclusion once and for all.” Petro Matad added that, while it waits for 2026 oil sales revenue, it continues to manage cash carefully and has sufficient funds to operate into 2027. Continue reading