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The government and project developers were initially expected to have concluded the negotiations by September 2019

The report shows that market conditions for the global oil industry have changed so dramatically over the past five years that reserves of “cheap oil” may no longer be worth recovering unless the Ugandan government can strike a new deal…

Tax issues have been ironed out with the Ugandan authorities, and both parties are hoping to wrap up the transaction in the second half of 2020.

"With the current revitalized peace agreement, the government represented by the ministry of petroleum is working with the various investors to accelerate the exploration activities," it added.

Magufuli remains keen to maximise government revenues and domestic offtake, while IOCs have been seeking terms to make Tanzanian LNG more competitive with rival supply

Brent crude LCOc1 tumbled as more than 2% at one point before settling down 81 cents, or 1.4%, at $58.50 a barrel. U.S. crude futures CLc1 settled 50 cents lower, or 0.9%, at $53.38.

The request was tabled by State Minister for planning David Bahati. The government is seeking to borrow from Industrial and Commercial Bank of China.

Community leaders in the oil-rich areas in Upper Nile and Unity states accuse South Sudan’s government and the two main oil consortiums of neglecting the issue and trying to silence those who have tried to expose the problem.

South Sudan is the most oil-dependent nation in the world, with oil accounting for almost all of its exports and around 60 percent of its gross domestic product, according to the World Bank.

The two oil and gas producers have hired French bank Natixis to run the joint sale process for Blocks 10 BA, 10 BB and 13T in the South Lokichar Basin, the sources said.