South Sudan’s Minister of Petroleum Awow Daniel Chuang has said that they are committed to upholding the OPEC and non-OPEC Declaration of Cooperation in accordance with the Declaration, OPEC member states, along with non-OPEC members, acknowledged in 2016 to voluntary production adjustments.
“We have pledged upholding the OPEC and non-OPEC Declaration of Cooperation to show support with our oil-producing partners, friends and counterparts globally,” the Minister says.
In a bid to quicken the stabilization of the global oil market, the Declaration of Cooperation, initially agreed December 2016 and subsequently extended, stipulates that OPEC-member states, together with 11 non-OPEC oil-producing countries, have agreed to voluntary production alteration of 1.8 million barrels per day (BPD) in the interests of producers, consumers, investors and the global economy at large.
South Sudan’s pre-conflict oil production was 330,000 BPD. Present resumption attempts target 250,000 BPD, an output figure that extends to aphold the global cuts and stabilize the market.
The most recent oil analysis, in the Adar oilfield in Block 3, consist of 37 million barrels of recoverable oil.
To further attract investment, the Minister will declare the details of its inaugural licensing round in Juba, in October. The Ministry aims to officially launch the round by the last quarter of 2019 or the first quarter of 2020.