NilePet to take charge of Paloch oil fields by 2027

Government oil and gas commercial agency, Nile Petroleum corporation- NilePet says it will take charge of some oil fields by 2027 when the contracts of the current foreign investors come to an end.

NilePet Managing Director Dr. Chol Deng says the planed take over will first start with oil fields in Paloch in Upper Nile State.

He says it is the mandate of the corporation to nationalize the oil exploration.

Currently the country’s oilfields are run by foreign investors.

Meanwhile, Dr. Chol Deng says there has been a decline in oil production in the country partly due to floods in oil fields.

He says currently the country produces over 140 thousand barrels per day, from a previous high of between 250 to 300 barrels of oil a day.