March 7, 2017 (JUBA) - South Sudanese government said exploration of new oil fields in the country would restore the hope of stability and would encourage the return of investors to the boost economy.
“The signing of EPSA on Block B3 is an assurance to our citizens and to our friends and allies in the region and worldwide that South Sudan is peaceful and secure for investment and other business activities”, oil minister Ezekiel Lol Gatkuoth told reporters on Monday
He was speaking at a function in which he and Arthur Eze, Chairman and Chief Executive Officer of Oranto Petroleum Limited signed the Exploration Production Sharing Agreement (EPSA) on Block B3.
The Minister reiterated during the signing ceremony the commitment of President Kiir and the Transitional Government of National Unity to improve and boost the economy of this Country.
“We believe the petroleum resources of Block B3 are vast. To reach our target of more than double current oil production, we need committed new entrants like Oranto,” he said.
“The government is working hard to reinvigorate the petroleum industry in South Sudan by creating an enabling environment for International oil and gas companies to invest and operate. It is up to the oil companies to come in explore and produce.”
He thanked and appreciated the effort of technical team of the Ministry of Petroleum led by Arkangelo Okwang Oler, Acting Undersecretary and the Director General of Planning, Training and Research, Technical team of the National Commission for Petroleum and Gas led by Ceasar Oliha, Chairperson of National Commission of Petroleum and Gas for their great efforts to ensure the EPSA is a success.
On his part Arthur Eze (OFR), Chairman and Chief Executive Officer of Oranto Petroleum Limited expressed his appreciation and happiness for securing the exploration agreement.
"It’s an honour to formalise our entry into South Sudan with this EPSA,” said Arthur Eze, Founder and Chairman of Oranto Petroleum.
“Our company is at the vanguard of African firms exploring and developing African assets. This is the beginning of a long-term collaboration with Nilepet, the people of South Sudan and our partners to bring to light the immense potential of Block B3. Oranto is committed to an aggressive exploration work program that will benefit all stakeholders".
Arthur commended the spirit of cooperation shown by the oil Minister and his Technical Team and on behalf of the President and the government of national unity for welcoming and the support to make the signing of EPSA a success.