The Chinese National Petroleum Company will continue to work with the government of South Sudan to improve oil production in the country, says the firm’s President.
Jia Young says joint efforts with the Ministry of Petroleum will be focused on the resumption of production in Unity oil fields.
“As partners we will do our best to support the Dar Petroleum Operation Company in increasing the production and also fully support the resumption for oil production in Unity,” he said, addressing the media, after signing an agreement with the Petroleum Ministry.
The agreement was signed on Friday, between the government and petroleum exploring companies operating in the country’s oil fields, to extend their term for another five years.
Production at Unity oil fields was suspended when the conflict erupted in December 2013. The country’s petroleum sector was also later hit by a steep fall in the global cost of crude oil, beginning from 2015.
However, with the recent improvement in the international price of crude oil per barrel, the government has seemingly embarked on robust efforts to revive the petroleum sector.
According to the government, oil proceeds contribute the vast portion of the budget by over 90%.
Oil companies dealing in the country’s oil resource are both nationally and internationally based.
They include; the Greater Pioneer Operating Company (GPOC); Dar Petroleum; Hass Petroleum, Imatong Petroleum, Seaway Petroleum; Aduar Petroleum; Wurbur Petroleum; Standard Gas Petroleum; Burfik Petroleum; Warsame Holdings Co. Limited and Mam Petroleum.
The main international companies include the Chinese National Petroleum Company (CNPC), Malaysia’s Petronas, and Sudan’s Sudan petroleum (SUDAPET), among others, all of which operate under a consortium known as the Dar Petroluem.
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