South Sudan ranks third in oil reserves in Sub-Saharan Africa with roughly 3.5 billion barrels produced annually. Still, 90% of the gas and oil reserves are untapped, and the government recently said it will begin a licensing bidding process to foreign investors to increase production and revenues.
Who owns South Sudan oil?
Other shareholders in the South Sudan fields, which have a gross output of 153,000 barrels per day, include China’s CNPC and Sinopec, India’s ONGC and Nilepet, the national oil company of South Sudan. A spokesman did not immediately provide a net production figure for the stakes Savannah wants to buy.
What happened to South Sudan’s oil industry?
Oil fields were destroyed during the civil war and industry figures show the sector went from producing 350,000 barrels per day to 150,000 barrels. South Sudan has largely employed Chinese and Malaysian engineers to produce and export the country¡¯s crude to Sudan, where it is processed and sent on to the international market.
Could South Sudan’s oil sector be the world’s newest nation?
Ten years after becoming the world’s newest nation, South Sudan is struggling with how to advance, fund and staff a potentially lucrative oil sector that could provide a much-needed economic foothold in the impoverished country.