The Ministry of Petroleum and Oil and Gas Companies on Friday signed the agreements for the extension of oil exploration and production for five more years.
The companies awarded the contracts are Nile Petroleum Company or Nilepet, and China National Petroleum Corporation, Radio Bakhita reports
Malaysia National Oil Company or PETRONAS and India’s Oil and Natural Gas Corporation are also given contracts to continue.
Petroleum Minister Ezekiel Lul Gatkuoth said the agreements are vital in boosting South Sudan’s economy by increasing oil revenue.
He assured the oil companies of protection of their personnel and infrastructure in producing Blocks affected by civil war in Unity and Upper Niles States.
The government agreed to compensate oil producing companies’ unspecified amount of money for losses incurred following the oil shut down in 2012 and destruction of oil facilities during the December 15, 2015 conflict.