Nigerian independent, Oranto Petroleum, said it is investing $500 million to develop South Sudan's Block B3, launching a comprehensive exploration campaign starting immediately.
The Ministry of Petroleum and Oranto Petroleum Company, South Sudan signed the exploration and production sharing agreement, EPSA, for the block last week in capital city of Juba.
The B3 area covers 25,150 square kilometres. Some aeromagnetic and seismic data have been acquired for the area but no wells have been drilled.
South Sudan's Minister of Petroleum Ezekiel Lol Gatkuoth, said: "We believe the petroleum resources of Block B3 are vast. To reach our target of more than double current oil production, we need committed new entrants like Oranto."
Arthur Eze, Founder and Chairman of Oranto Petroleum, said: "Our company is at the vanguard of African firms exploring and developing African assets. This is the beginning of a long-term collaboration with Nilepet, the people of South Sudan and our partners to bring to light the immense potential of Block B3. Oranto is committed to an aggressive exploration work program that will benefit all stakeholders."