The statement from the South Sudanese presidency valued the agreement at $3bn. According to Kiir, Caltech will partner with the government to buy Petronas’ entire portfolio in the country for $1.25bn.
The head of South Sudan’s Nilepet has stepped down after mounting criticism of his work.
South Sudan has largely squandered its oil revenues, with International Crisis Group (ICG) suggesting the state be paid to not produce.
Without additional investment, South Sudan’s oil production will fall and become heavier, dominated by its Nile Blend crude.
South Sudan has announced a tender for an environmental review of its producing oilfields.
The US government has sanctioned two men with links to South Sudan’s oil industry.