June 22, 2021 (JUBA) – South Sudan has officially launched its first oil licensing auction with five blocks on offer, the country’s Petroleum ministry announced on Wednesday.
- An aerial view of an oil field near the town of Bentiu, Unity state (AP)
“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.
Currently, China National Petroleum Corporation and Malaysia’s Petronas are operating in the young nation.
According to the ministry once the period for expressions of interest closes, a series of data presentations would be hosted virtually.
Income from oil accounts for 98 percent of South Sudan’s annual budget.
In June last year, the Central Bank of South Sudan said it would start buying crude gold from local miners to boost the country’s economy.