The Ministry of Petroleum has invited companies to summit tenders to audit this year’s activities of the petroleum sector.

In a statement this afternoon, the ministry says the move is to enhance efficiency and promote transparency.

The ministry says the objective of the audit includes completing an accurate assessment of oil and gas reserves and production, and reporting on revenue and investment flows.

The successful company will also make recommendations on the technical, financial and regulatory issues faced by petroleum industry actors.

The ministry states that a successful contractor will be required to complete an accurate assessment of oil, condensate and gas reserves and production.

It says the audit will be an important step towards the country’s efforts to join the Extractive Industries Transparency Initiative – EITI.

The EITI is a global standard to promote open and accountable management of oil, gas and mineral resources.

It  seeks to address key governance issues of oil, gas and mining sectors in member states. South Sudan is not a member yet.

The deadline for submission of tenders is mid next month. The Petroleum Act 2012 requires the ministry to be transparent with oil production and sales.

During the Africa Oil & Power (AOP), Africa’s elite energy summit in Cape town, South Africa, last week, the Minister of Petroleum, Ezekiel Lol Gatkuoth invited investors to participate in direct negotiations  with the government for available oil and gas acreages.

He told the summit that 70 percent of South Sudan oil rich sectors remain untapped.

Mr. Gatkuoth said South Sudan has a huge potential for oil and gas. He said his ministry was engaged in discussions with companies such as; Holdcorp and Royal Oil and Gas in Block E2 and with Royal Oil & Gas in Block A4.

“Our message to global energy investors continues to be that South Sudan is pro-business and open for business,” he told the delegates at the conference.