South Sudan’s Minister of Petroleum, Awow Daniel Chuang, has reaffirmed the country’s continued support of the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC Declaration of Cooperation.
In a bid to accelerate the stabilization of the global oil market, the Declaration of Cooperation, initially agreed December 2016 and subsequently extended, stipulates that OPEC-member states, together with 11 non-OPEC oil producing countries, have agreed to voluntary production adjustments of 1.8 million barrels per day (bpd) in the interests of producers, consumers, investors and the global economy at large.
“We are committed to upholding the OPEC and non-OPEC Declaration of Cooperation to show solidarity with our oil producing partners, friends and counterparts globally,” the Minister says.
South Sudan’s pre-conflict oil production was 330,000 bpd. Current resumption efforts target 250,000 bpd, an output figure that continues to support the global cuts and stabilize the market. The most recent oil discovery, in the Adar oilfield in Block 3, contains 37 million barrels of recoverable oil.
To further attract investment, the Minister will announce the details of its inaugural licensing round in Juba, in October. The Ministry intends to officially launch the round by the last quarter of 2019 or the first quarter of 2020.
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