October 30th 2019 (Nyamilepedia) – South Sudan and Egypt have signed a memorandum of understanding regarding cooperation in the field of downstream oil and gas.
The landmark agreement was reached during the 2019 South Sudan Oil & Power Conference held in Juba yesterday. South Sudan will launch its first ever licensing agreement in the first quarter of 2020 regarding 13 blocks onshore open for tender.
The conference, which focused on finance and investment, was opened with keynotes from First Vice-President Taban Deng Gai and oil minister Awow Daniel Chuang.
Speaking during the opening session of the conference, oil minister Chuang said South Sudan which currently produces 178,000 barrels per day, hopes to reach 250,000 barrels per day in the near future.
“The oil production in South Sudan has reached 178 000 barrels per day. We hope to reach 250 000 barrels per day in the near future. We are successfully reaching target thanks to extensive support from our partners and neighboring countries,” he said.
A number of international exploration and production companies have already demonstrated their interest in South Sudan’s oil and gas potential.