Monday, 26 August 2019

CHINA NATIONAL PETROLEUM CORPORATION (CNPC) DISCOVERS RECOVERABLE OIL IN SOUTH SUDAN

The China National Petroleum Corporation (CNPC)-led consortium has made a 300 mmbbl of recoverable oil discovery in South Sudan’s northeastern Upper Nile state.

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The African Energy Chamber (AEC) said it was almost as much as the Oyo Discovery announced earlier this month in the Congo.

The exploration well was drilled at a total depth of 1,320 m near the Adar oilfield in Block 3, operated by the Dar Petroleum Operating Company (DOPC), which includes CNPC, Petronas, Nilepet, Sinopec and Tri-Ocean Energy.

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“This is a remarkable achievement for the country,” declared Nj Ayuk, executive chairman at the Chamber and CEO of the Centurion Law Group. “Since independence, South Sudan has worked tirelessly to bring back damaged fields to production, and especially encourage exploration. Their efforts to maintain peace and stability and a safe environment for investors have paid off. We have always believed that stability goes hand in hand with economic prosperity. Such a large discovery confirms the huge potential of South Sudan in oil and gas just before the country launches a new licensing round in October.”

Earlier this year, South Sudan signed an Exploration and Production Sharing Agreement (EPSA) with the South African Strategic Fuel Fund for the highly prospective B2 block. The move was part of South Sudan’s strategy to diversify its investor base and encourage further exploration.

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AEC stated that while the country sits on more than 3.5bn of proven oil reserves, the third-largest in sub-Saharan Africa, 70 per cent of its territory remains under-explored. South Sudan will launch a new oil licensing round to boost exploration at the upcoming Africa Oil & Power conference in Cape Town on 9 October. (Oil Review Africa)

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