• 4 minutes Will We Ever See 100$+ OIL?
  • 8 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 11 minutes Energy Outlook for Renewables. Pie in the sky or real?
  • 11 hours Shale Oil will it self destruct?
  • 6 hours Berkeley becomes first U.S. city to ban natural gas in new homes
  • 2 hours Iran Captures British Tanker sailing through Straits of Hormuz
  • 1 min Iran Loses $130,000,000 Oil Revenue Every Day They Continue Their Childish Games . . . .Opportunity Lost . . . Will Never Get It Back. . . . . LOL .
  • 3 hours Renewables provided only about 4% of total global energy needs in 2018
  • 15 hours Drone For Drone = War: What is next in the U.S. - Iran the Gulf Episode
  • 20 hours Today in Energy
  • 11 hours Oil Rises After Iran Says It Seized Foreign Tanker In Gulf
  • 2 days Populist, But Good: Elizabeth Warren Takes Aim at Private-Equity Funds
  • 2 days Mnuchin Says No Change To U.S. Dollar Policy ‘As of Now’
  • 1 day Why Natural Gas is Natural
  • 1 day LA Solar Power/Storage Contract
  • 6 hours U.S. Administration Moves To End Asylum Protections For Central Americans

Sudan Set To Launch Oil Bidding Round In Q3 2019

Sudan

Sudan expects it will be able to launch a bidding round for oil and gas blocks in the country in the third quarter of 2019, Sudan’s Petroleum Minister Azhari Abdalla said on Tuesday.

“I really expect a lot of companies to come, particularly now since we are working ... on the second phase of discussions with the United States so we can have this embargo lifted,” Abdalla told Reuters in another media appearance over the past week in which Sudan’s oil minister expressed optimism that with part of the U.S. sanctions lifted, the country would be able to attract companies to revive its stalled oil production.

Last week, Abdalla said at the Africa Oil Week conference in Cape Town that Sudan felt “confident that now is really the time for a second boom in this country.”

South Sudan broke from Sudan in 2011 and took with it around 350,000 bpd in oil production. After South Sudan’s secession from Sudan, the two countries have been mutually dependent on oil revenues, because the south has 75 percent of the oil reserves, while the north has the only current transport route for the oil to international markets.

Some of the U.S. sanctions on Sudan were partially lifted in October 2017, but Sudan’s economy has failed to lift off since then. A severe economic crisis is raging in the country, where banks have put limits on withdrawals. The government has pledged a 15-month austerity program in hopes of stabilizing the economy. According to the IMF, Sudan’s economy will shrink by 2.3 percent this year, while inflation will reach 61.8 percent.

Sudan has seen its relations with the United States improving, and sanctions have been partially lifted. Sudan, however, is still on the U.S. list of state sponsors of terrorism alongside North Korea, Iran, and Syria.

Sudan hopes the terrorism-sponsor label to be lifted next year, Abdalla told the Financial Times in an interview published on Sunday.

The oil ministry plans to put 30-35 new oil blocks up for bidding in the second half of 2019, the minister told FT. 

By Tsvetana Paraskova 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
Download on the App Store Get it on Google Play