• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 5 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days How Far Have We Really Gotten With Alternative Energy
  • 38 mins The United States produced more crude oil than any nation, at any time.
  • 2 hours China deletes leaked stats showing plunging birth rate for 2023
  • 4 days Bad news for e-cars keeps coming
  • 4 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
Is OPEC Too Bullish On China's Oil Demand?

Is OPEC Too Bullish On China's Oil Demand?

China's oil demand growth is…

The World’s 8 Biggest Mining Countries

The World’s 8 Biggest Mining Countries

The global landscape of material…

South Sudan Aims For Foreign Investment In First-Ever Oil Licensing Round

South Sudan has just launched its inaugural oil licensing round, hoping to attract interest from a diverse group of foreign investors.

South Sudan broke from Sudan in 2011, taking with it around 350,000 bpd in oil production. But then civil war in South Sudan broke out in 2013 that further complicated oil production.

In 2018, the warring factions in South Sudan signed the so-called Khartoum Declaration of Agreement, in which the parties to the South Sudan conflict declared a permanent ceasefire, and the governments of Sudan and South Sudan explored ways to rehabilitate the oil sector in South Sudan.  

Now South Sudan’s Ministry of Petroleum has identified new exploration blocks with potential hydrocarbons and has compiled crucial data to provide to interested investors, operators, and counterparties, it said in a statement.

Around 90 percent of South Sudan’s oil and gas reserves remain unexplored, according to an analysis commissioned by the Petroleum Ministry. These resources provide “unprecedented opportunities to international investors,” South Sudan says.

“This Oil Licensing Round aims to attract interest from a diverse group of foreign investors to a region that is already home to oil and gas majors from China and Malaysia,” the ministry noted.

Related: BP Claims High Oil Prices Will Benefit Its Strategy

South Sudan also hopes to welcome back experienced partners and operators now that it has made significant progress in returning to peace and stability, it added.

Currently, South Sudan has four producing blocks, operated by China National Petroleum Corporation (CNPC) and Malaysia’s Petronas.

The first licensing round is offering five blocks up for grabs.

Due to the pandemic last year, crude oil production in South Sudan declined to 165,000 bpd from 185,000 bpd. Floods in some parts of the country and geological challenges also led to reduced oil production.

ADVERTISEMENT

South Sudan has been part of the non-OPEC group in the OPEC+ production cut agreement since its inception in 2017.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News