CAPE TOWN: South Sudan on Wednesday officially launched its first oil licensing auction with five blocks on offer, the Ministry of Petroleum said in a statement.

“The oil licensing round aims to attract interest from a diverse group of foreign investors to a region that is already home to oil and gas majors from China and Malaysia,” the ministry said.

China National Petroleum Corporation and Malaysia’s Petronas are operating in the landlocked East African country, which is slowly rebuilding a key economic sector after a five-year civil war that ended with a ceasefire and power-sharing deal in 2018.

The country gains almost all its revenue from oil and has boosted output as it tries to reach prewar production levels of 350,000 to 400,000 barrels per day (bpd).

The ministry said on Wednesday that once the period for expressions of interest closes, it will host a virtual series of data presentations followed by an international roadshow.