- South Sudan has initiated plans of opening up bids with respect to the country's oil and gas reserves
- The bidding process is expected to begin in March 2020 and plans are in place to ensure the best companies sail through
- Sudan is the world's most oil-dependent nation and the natural resource accounts for almost all of its exports
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South Sudan will host its first ever oil and gas bidding round in March 2020, YEN.com.gh has learned.
This comes after Sudan dissolves the central bank board as well as 11 other state-owned banks, in a bid to dismantle toppled president, Omar al-Bashir’s regime.
Sudan, the most oil-dependent nation in the world, has oil accounting for almost all of its exports and about 60% of its gross domestic product (GDP), according to the World Bank.
South Sudan’s petroleum minister, Daniel Awow Chuang, said the move is a plan to accelerate the economy and an environmental audit into the bidding process has already started.
Per a report by Business Insider, he added that companies that express interest in the process need to prove themselves as there would be a thorough evaluation process.
Chuang went on to say that in August 2019, the country discovered the the Adar oil field in Block 3, containing more than 37 million barrels of recoverable oil.
Presently, the ministry is collecting data to make things easier for investors in the oil sector.
In other news, YEN.com.gh has learned that Kenya has started work on Africa’s first hybrid power plant which costs $145 million.
Information available shows that the project is the result of the combined efforts of the Kenya Investment Authority (KenInvest) the Meru County Government and global renewable energy developers, Windlab.
Described as ‘the Meru County Energy Park’, the project is expected to be a large scale facility that combines wind, solar PV and battery storage.
When completed, the plant is expected to produce a total of 80MW of power to serve over 200,000 households.
It is also expected to have 20 wind turbines and over 40,000 solar panels, Business Insider reports.
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