February 21st 2020 (Nyamilepedia) – South Sudan’s ministry of petroleum has released a report providing detailed financial information and statistics of the country’s oil sector.
The ministry said the seventh petroleum report was released to “increase transparency” and outline infrastructure plans.
It provides an overview of world oil markets and fundamentals, price forecasts, oilfield reserves, and the ministry’s marketing performance.
According to a statement released by the ministry, the report forms part of “continued efforts” by petroleum minister Awow Daniel Chuang to promote openness and accountability in the sector.
“We are trying to increase transparency in the country’s oil and gas sector, specifically concerning the financial aspects,” said Chuang.
He said the report provided information on production, sales, and the environment. Also included were opportunities in South Sudan regarding refineries, pipelines and other facilities.
“All this information is now available, and everyone will have access to it,” said Chuang.
“South Sudan recognises that the sector needs to continue to develop with buyer and market diversification, and a better understanding of global economics and pricing analysis.
“The ministry is aiming to establish on-line communications with global oil markets and the main world crude oil pricing centre, Platts in London,” said the ministry.
The release of the report follows the recent announcement of the country’s first environmental audit of all operating oilfields.
The ministry’s exploration and production department was at the same time engaged in promoting new blocks ready for international investors looking for lucrative opportunities, it said.