• 4 minutes Is $60/Bbl WTI still considered a break even for Shale Oil
  • 7 minutes Oil Price Editorial: Beware Of Saudi Oil Tanker Sabotage Stories
  • 11 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 15 minutes Wonders of Shale- Gas,bringing investments and jobs to the US
  • 16 hours Apartheid Is Still There: Post-apartheid South Africa Is World’s Most Unequal Country
  • 26 mins Evil Awakens: Fascist Symbols And Rhetoric On Rise In Italian EU Vote
  • 8 hours Visualizing How Much Oil Is In An Electric Vehicle (Hint: a heckuva lot)
  • 2 hours Theresa May to Step Down
  • 55 mins IMO2020 To scrub or not to scrub
  • 3 hours Total nonsense in climate debate
  • 9 hours Look at the LONGER TERM bigger picture of international oil & gas. Ignore temporary hiccups.
  • 2 hours IMO 2020 could create fierce competition for scarce water resources
  • 22 hours Will Canada drop Liberals, vote in Conservatives?
  • 23 hours Canada's Uncivil Oil War : 78% of Voters Cite *Energy* as the Top Issue
  • 23 hours Trump needs to educate US companies and citizens on Chinese Communist Party and People's Liberation Army. This is real ECONOMIC WARFARE. To understand Chinese warfare read General Sun Tzu's "Art of War" . . . written 500 B.C.
  • 15 hours Australian Voters Reject 'Climate Change' Politicians
  • 6 hours Why is Strait of Hormuz the World's Most Important Oil Artery
  • 19 hours Apple Boycott in China
Chinese Oil Buyers Shun U.S. Crude

Chinese Oil Buyers Shun U.S. Crude

Chinese oil traders and refiners…

South Sudan Reopens Negotiations For B1 And B2 Oil Blocks

South Sudan

South Sudan is ready to reopen negotiation for drilling rights to Blocks B1 and B2, after an attempt to reach a deal with three foreign oil majors broke down due to “irreconcilable differences.”

"We have decided ... to open opportunities to other potential investors," Ezekiel Lol Gatkuoth, South Sudan's minister of petroleum, in a statement dated Saturday.

Juba had been trying to work with Total, Tullow Oil, and the Kuwait Foreign Petroleum Exploration Company, but the parties were unable to come to an agreement regarding the terms.

In 2012, South Sudan split its 120,000-square kilometer Block B into blocks B1, B2, and B3. Estimates of the area’s fossil fuel potential are high, though actual drilling there has been minimal.

South Sudan has struggled to attract foreign companies to explore for oil and gas due to a civil war that began in December 2013. Reuters reports that the three main companies that continue to work in the world’s youngest country are China National Petroleum Company (CNPC), Malaysia’s Petronas, and India’s ONGC Videsh.

Recent attacks on foreigners working on South Sudan’s oil and gas facilities serve as a warning for multinationals to stay away from the new country’s national resources, just as oil prices recover enough for Juba to begin profiting from the oil sector.

Related: Is Australia The Next Big Thing In Shale?

The South Sudanese government and three humanitarian agencies declared a famine in some parts of the country in February, while the nation desperately tries to bring its oil facilities back online. A string of deals signed by President Salva Kiir over the past four months has demonstrated the country’s desperation for fresh streams of revenue as the civil war approaches its four-year anniversary.

The government is working hard to reinvigorate the petroleum industry in South Sudan by creating an enabling environment for international oil and gas companies to invest and operate,” according to Petroleum Minister Ezekiel Lul Gatkuoth. “It is up to the oil companies to come in, explore and produce. Partnership is what fuels the oil industry.”

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com 



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News