· The acting Energy Minister of Sudan Kheiri Abdelrahman has revealed the proposal of the government of Sudan to offer to investors concessions of 27 oil blocks via a global bid.
· The offered blocks include three offshore and 24 onshore blocks.
The acting Energy Minister of Sudan Kheiri Abdelrahman has revealed the proposal of the government of Sudan to offer to investors concessions of 27 oil blocks via a global bid. The offered blocks include three offshore and 24 onshore blocks.The Minister added that Sudan is keen to invite the interests of investors with access to modern technologies for the proposed blocks.
The oil-dependent economy of Sudan was hit hard after the secession of South Sudan in 2011. IMF’s latest report on Sudan released last month states that Sudan lost about 75 percent of oil production, 66 percent of exports, and half of the fiscal revenues, after South Sudan, broke away. Both the countries are interdependent as South Sudan accounts for 75 percent of the oil reserves, while the north has the only current transport route for the oil to international markets. According to IMF, by 2040, the importance of the Oil sector for Sudan’s economy will continue to fall. Aging oil fields, along with moderate exploration, it points out will keep oil production flat over the medium term. The price of Sudan’s crude oil was projected to average $42 a barrel in the medium term, as per IMF.
