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Sudan awarded nine contracts with 17 international companies that will invest $500 million to explore for oil in the African nation, state-run SUNA news agency reported.
Sudanese Oil Minister Awad Ahmed al-Jaz signed the agreements with companies from Brazil, Australia, Canada, Hong Kong, France and Nigeria. The deal covers oil eight blocks taking up more than 40% of the nation’s land area, the Khartoum- based agency said late yesterday, citing al-Jaz.
The blocks are forecast to start production in six months to five years, SUNA said.
The Sudanese economy has been suffering since South Sudan assumed control of three-quarters of the former unified state’s oil production of almost 490,000 barrels a day when it became independent a year ago.
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