South Sudan has decided not to renew Nigerian company Oranto Petroleum’s exploration and production sharing agreement for Block B3 licence.
The petroleum ministry said a review found the company failed to meet seismic survey and drilling obligations over six-year period.
Oranto Petroleum did not immediately respond to a request for comment from reporters on the decision announced Thursday today in Nairobi.
The ministry said it concluded that non-renewal of Block B3 licence is in the country’s best interest overall national development.
Block B3 is now open for new applications and the ministry invited qualified international and regional oil and gas companies.
The oil sector remains one of South Sudan’s main sources of national revenue shaping its fragile economic landscape today dependence.
