(Bloomberg) -- South Sudanese President Salva Kiir fired the managing director of the nation's state oil company.
Bol Ring Mourwel, who was appointed head of Nile Petroleum Corp. in September 2020, was removed with immediate effect, according to a decree broadcast on state television on Thursday. No reasons were given for the decision and no replacement was announced.
South Sudan, which has sub-Saharan Africa's third-largest oil reserves, in July opened its first oil licensing round for five blocks. The East African nation estimates 90% of its oil and gas reserves are unexplored.
South Sudan's oil output, its main source of revenue, has dropped because of a civil war and as production from existing wells peaks. It's currently pumping about 156,000 barrels per day, compared with 350,000 barrels a day about a decade ago.
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