South Sudan – On Monday, the Petroleum ministry has signed an agreement extending oil exploration and Production Sharing Agreements with four oil companies operating in the country.
The Ministry extended the contracts for South Sudan’s Nile Petroleum Company (Nilepet), China National Petroleum Corporation (CNPC), India’s Oil and Natural Gas Corporation (ONGC Videsh) and Malaysia’s Petronas in Blocks 1, 2 and 4 for the next 6 years.
Minister of Petroleum, Ezekiel Lol Gatkuoth, said on Monday that the agreement has taken into the account environmental concerns and the need to build infrastructure in the oil production areas.
He said: “Well, we have just signed the extension of block 1, 2 and 4. Basically, the extension of the exploration Production Sharing Agreement and transitional agreement which is the law governing the oil industry between the ministries of petroleum and partners.
“In the agreement, we have extended block 1, 2 and 4 for six years and eight months. They will continue operating there.”
Datuk Mohd Anuar Taib, CEO of PETRONAS said: “From PETRONAS prospective, we are very thankful for the leadership of the minister in making sure the industry is recovered.”