Juba, South Sudan,
June 23, 2021 – The government of South Sudan has officially launched its first oil licensing auction with five blocks on offer, Petroleum Minister Puot Kang Chol announced on Wednesday.
In a statement seen by Nyamilepedia, the licensing will attract interest from foreign investors to regions home to oil and gas.
“The 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,” partly reads the ministry’s statement.
Most oil companies operating in South Sudan are Malaysia’s Petronas and China National Petroleum Corporation which do not conform to the country’s environmental policies.
The ministry of Petroleum confirmed that once the period for expression of interest closes, a series of data presentations would be hosted virtually.
Last year, the Central Bank of South Sudan said it would start buying crude gold from local miners to improve the crippled economy of the country.
Almost 90% of the Country’s revenue comes from oil.