In a bid to increase oil production and woo investors, South Sudan’s oil minister has announced 14 new blocks ready for oil exploration.
Minister Awow Daniel Chuang was addressing the third Oil and Power Conference in Juba on Tuesday, bringing together over 600 potential oil sector investors.
Chuang said the country will announce the 2020 Licencing Round for the new blocks early next year, with revenue expected to support the implementation of the peace agreement.
“The blocks include A1 to A6, E1, E2, C1, C2, C3, D1, D2, and B1 which is still free. So we are inviting all our investors to come and invest in South Sudan. As we move on, we are also trying to get data on the blocks. Within the next two months we should be able to complete this work,” he said.
He added, “And by the first quarter of 2020 we will be having our first licensing rounds for several blocks that will be available for everybody on a competitive basis and this will help us get the right partners and investors.”
Chuang told the conference that new oil discoveries are key for sustainable production.
"We have a lot of potential in the South Sudan oil blocks and investing in them is one of the key issues that will stabilize the country especially in the area of peace, especially that the government is making sure that the government of national unity will be formed," he said.
The minister revealed that several companies from America, Russia, and China have shown interest in investing in the oil sector in the country which heavily relies on oil revenue.
The petroleum ministry plans to increase output to more than 350,000 barrels of crude per day by the middle of 2020, up from 180,000 barrels per day currently, according to official figures.