South Sudan’s Ministry of Petroleum has released its seventh Petroleum Report which provides an overview of world oil markets and fundamentals, price forecasts, oilfield reserves, and the ministry’s marketing performance.
The report forms part of continued efforts by the ministry to promote openness and accountability in this crucial sector.
“We are trying to increase transparency in the country’s oil and gas sector, specifically concerning the financial aspects. The Ministry of Petroleum has produced this journal which will provide all the information about our production, sales, and even the environment. We include all the opportunities in South Sudan regarding refineries, pipelines and other facilities. All this information is now available, and everyone will have access to it,’’ Hon. Eng. Awow Daniel Chuang, the Minister of Petroleum said.
The report outlines the ministry’s infrastructure plans, including refineries and storage depots and provides insight into how the country has advanced its sales of crude oil on the open market.
South Sudan recognizes that the sector needs to continue to develop with buyer and market diversification, and a better understanding of global economics and pricing analysis.
The ministry is aiming to establish on-line communications with global oil markets and the main world crude oil pricing center, Platts in London.
The release of the report follows closely the announcement of the country’s first environmental audit of all operating oilfields.
This will assist in rehabilitation efforts and prevent future problems. The ministry’s exploration and production department is at the same time engaged in promoting new blocks ready for international investors looking for lucrative opportunities.
The aim of this one, and future Marketing Reports is to provide comprehensive information which clearly explains the monetization of South Sudan’ crude oil.
The emphasis is on transparency and full compliance with the country’s legislative requirements for information disclosure.
The Petroleum Ministry has also improved its website, https://www.MOP-RSS.org/ which contains detailed information about the current oil-producing blocks, as well as the day to day operation of the department.
All the information that investors may need is now available, including all the financial information dating from 2011, the country’s independence.
Source:www.energynewsafrica.com