South Sudan seeks to boost transparency in oil sector
South Sudan's Petroleum Ministry released its seventh petroleum report, which aims at strengthening transparency in the country's oil sector.
The report released Thursday evening provides statistics on South Sudan's oil sales, investments, environment, oil infrastructure and production forecasts in the past year.
Awow Daniel Chuang, Petroleum Minister, said the report seeks to promote openness and accountability in the oil industry.
He added that the report will also help boost investors' confidence in South Sudan's oil sector, as the country plans to launch its first oil and gas licensing in the coming months.
South Sudan has the third-largest oil reserves in sub-Saharan Africa, with an estimate of 3.5 billion barrels and much of the reserves remain unexplored.
But a brutal civil war, that erupted in late 2013, affected the country's oil industry, with production declining from 350,000 barrels per day in 2011 to less than 130,000 in 2014 amid soaring inflation.
Following the signing of a new peace deal in September 2018, conflicts reduced and previously closed oilfields have reopened. The landlocked country is hoping to raise daily output to over 200,000 barrels by the end of 2020. (Xinhua)
