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.
"Self-reliance in petroleum production is a great honour for the Iranian people," he told reporters at the plant in Bandar Abbas built by Khatam-al Anbia, the economic arm of the republic's elite Revolutionary Guard.
Deficit decreased by 10.3 percent year-on-year to reach approximately $4.5B in March, according to TurkStat
BIST 100 index opens 0.15 percent higher, US dollar/Turkish lira rate stands at around 3.58
Net profit rose 28 percent to $4.8 billion while revenues edged up eight percent to $22.1 billion in the quarter ending March 31, Microsoft said.
The group reported a net loss of 68 million euros ($74 million) between January and March, compared with an 8-million-euro loss in the same period last year.
Exchange rate dipped to as low as 3.56 points for first time in 8 weeks
Sales progressed 7.0 percent to 13 billion euros ($14.2 billion), the aeronautics giant said. For 2017, it forecast the delivery of more than 700 commercial aircraft, up from 688 in 2016.
Late liquidity lending rate increases to 12.25 percent; overnight borrowing and lending rates unchanged
Nasdaq climbs above 6,000 points for first time in history
BIST 100 index hits new record high on Wednesday morning; US dollar/Turkish lira rate stands around 3.58
BIST 100 index starts Tuesday with a new record high; US dollar/Turkish lira rate stands at around 3.57
Borsa Istanbul's BIST 100 index exceeds 93,400 points during Monday transactions
The French vote was being closely watched as a bellwether for populist sentiment following the election of Donald Trump as US president and Britain's vote to leave the EU.
IFC CEO Philippe Le Houerou said the fund will "lower the risk for the private sector and attract new investors -- essentially creating a market where there was none."