South Sudan launched the first round of bidding for oil licenses. This round of bidding provided five oil blocks, which will end on August 23.

The Ministry of Petroleum of South Sudan stated that it has identified new exploration blocks with potential oil and gas resources and has compiled key data, which will be provided to interested investors, operators and counterparties.

According to an analysis commissioned by the department, nearly 90% of South Sudan’s oil and natural gas reserves are still undeveloped. This round of oil license bidding is aimed at attracting foreign investors' interest in oil and gas exploration in the area. Currently, Malaysian oil and gas giants are already conducting oil and gas exploration in South Sudan.

The department stated that after significant progress has been made in restoring peace and stability, the country hopes to welcome the return of experienced partners and operators. It is estimated that South Sudan’s oil reserves are about 3.5 billion barrels.