The Ministry of Petroleum and Oranto Company on Monday signed exploration and production agreement in Juba.
In the agreement, Oranto Petroleum will invest 500 million US Dollars to develop Block B3 and immediately launch a comprehensive exploration campaign.
It added that the company will be the technical operator and 90 percent shareholder while Nile Petroleum Company holds ten percent.
Minister of Petroleum Ezekiel Lol Gatkuoth believes the petroleum resources of Block B3 are huge.
To reach the target of more than double current oil production, the government needs committed new competitors like Oranto, he added.
Lol said the government is working hard to boost the petroleum industry in South Sudan by creating an enabling environment for international oil and gas companies.
Prince Arthur Eze, Founder and Chairman of Oranto Petroleum, said their company is at the front line of firms exploring and developing African assets.
He expressed Oranto’s commitment to look at work program that will benefit all stakeholders.