World Bulletin / News Desk
The world’s newest country is estimated to have Sub Saharan Africa’s third-biggest crude reserves.
The renewal defines the legal and tax system governing oil companies, operating licenses and crude oil transportation installations among several things.
In remarks made to the media in the capital Juba on Friday, Petroleum Minister Ezekiel Lol Gatkuoth said: “We have renewed the oil contracts for five years; the system is being updated to promote exploration and development, and to support oil production in the country.”
The agreement also provides for an extension of the contract till 2022 for the Paloch and Unity oil fields. The production from the two oil blocks is also expected to increase, Gatkuoth said.
“With this package now signed, we will now be moving forward with oil production, especially in places that were shut down,” he said.
This project will add more than 200,000 oil barrels per day in the first half of 2017, the minister said.
Oil contracts had been signed by the government of neighboring Sudan before South Sudan gained its independence in 2011.
CNPC President Jia Yong said: “We will do our best to increase the production and also support the resumption of oil for the Unity oil fields.
“We will work with the Ministry of Petroleum to do our best for this country in terms of economic development.”
Yong called for strengthening joint cooperation as the company resumes oil production in Unity state oil fields. He added that such cooperation would benefit both countries.
The Chinese Ambassador to South Sudan, Ma Qiang, who attended the meeting, said his country was encouraging the CNPC to increase oil production in South Sudan in the interest of the two countries.
Civil war in South Sudan cut oil output by a third to about 130,000 barrels per day. The country is currently only pumping oil in the Upper Nile state after Unity production stalled in 2014.
Before the war, China National Petroleum Corporation, Malaysia’s Petroliam National Bhd. and India’s Oil & Natural Gas Corporation produced most of the oil in the country.
The violence has so far left tens of thousands of people dead and 2.4 million displaced.
Nobel Ilac will use the loan to expand production and improve quality of medicines
The company said the deal would make Total the second-largest operator in the North Sea, with substantial operations in Britain, Norway and Denmark.
Volatility eased as traders focused on the world economy and corporate earnings after a week dominated by the dramatic spike in tensions over North Korea, which triggered a global sell-off before prices bounced back Monday.
Investors greeted the more conciliatory tone after US stocks dropped three days in a row last week on President Donald Trump's vow of "fire and fury" if North Korea continued to pursue its nuclear weapons and ballistic missile programs.
The ultra-conservative kingdom has moved to diversify its traditionally oil-dependent economy following a sharp fall in crude prices.
In its monthly report on the global oil market, the International Energy Agency said, however, that it believes the supply glut is easing, partly because demand is growing faster.
US stocks have been in retreat since President Donald Trump Tuesday issued a fiery warning to North Korea to halt its nuclear program.
The move by one of Japan's best-known firms greatly reduces the chance of an embarrassing delisting from the Tokyo Stock Exchange (TSE).
London's benchmark FTSE 100 index weakened by 0.5 percent to 7,503.39 points.
The approval by the European Commission comes just over two months after the European Central Bank -- which took on the role of the eurozone's banking supervisor in 2014 -- allowed the sale to go ahead for a symbolic fee of one euro.
BP, Chevron, ExxonMobil, Shell and Total have all published results in recent days, showing they pocketed $23 billion in net profit in the first half fo the year.
Higher cereal, sugar and dairy prices pushed food price index by 10.2 percent annually in July