7.5 C
Alba Iulia
Tuesday, November 24, 2020

Oily hopes for South Sudan

Must Read

Chinua Achebe: Why he was one of the world’s most important modern writers

Ad Achebe's greatest work involved telling distinctly African stories from the perspective of African characters and helping to forge a...

Med Beds: Extra terrestrial technology finally goes public

With planetary shift to 4th and higher dimensional life irrevocably on course, lightworkers of the Alliance have started releasing...

Book Publishing for today’s authors

Handel's African Books Network has been, as the punch line goes, Publishing and Connecting Africa for several decades past. Discover...
editors
researchers, collators, reviewers, curators

Most recent independent African nation now seeks to revive its oil production, raising hopes for a nation ravaged by terrorism and war

South Sudan seeks to revive oil production

by Hiba Morgan AL JAZEERA

The country has the third largest oil reserves in sub-Saharan Africa, but most of its oil facilities have been destroyed in the civil war that started in 2013 – two years after it seceded from Sudan.

Some of its oilfields have recently restarted oil production, but returning to full production capacity will take time and outside help.

“The field here has the capacity to produce 45,000 barrels per day and its only producing 20,000 barrels. The station wasn’t working for five years so some wells have issues such as electricity and now production here is at half capacity,” said Kuol Ajak of the operating company, Greater Pioneer Petroleum.

Currently, South Sudan produces about 150,000 barrels per day, 40 percent of which goes to cover operating costs. The government is left with 90,000 barrels, but partners such as China’s CNPC and Malaysia’s Petronas take 20 percent of it.

And even the remaining profit has to be shared with Sudan’s government in Khartoum as South Sudan has to use its infrastructure to process and transport its oil.

Every barrel produced is vital to Africa’s youngest nation, as oil provides nearly all of its gross domestic product.

“For us, it is very vital because the economy of the country, 90 percent of it, is based on oil, it can be more,” said Ezekiel Lol Gatkouth, South Sudan’s petroleum minister.

“It’s important for us to produce oil and prices of oil must continue being high because we’re a producer and also a consumer so we need to make sure that we benefit from both stabilities in the market.”

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest News

Enter Burkina Faso among West Africa’s sit tight ‘democracies’

The growing list of West African dictatorships in the guise of democracy includes Nigeria, Cameroon, Togo, Guinea,...

Seychelles: Why Africa is slow on good governance

IN THE past 20 years only 8 African countries could eschew official corruption and impunity in their so called constitutional democracies through...

Ghana, West Africa, without Jerry “Jesus” Rawlings

After over two decades of checking Ghana's unruly political space, the Jerry Rawlings revolution in West Africa remained a political reference...

Awaken now: Awaken to the mission

Forces of the Light, of the divine plan, are at work. And as we have said, everything is being orchestrated here...

Nobel-winning Ethiopian PM has overseen country’s descent into barbarity and madness

For many Ethiopians, Abiy Ahmed is an imposter figure – Tigray sources even allege he could be a CIA agent –...
- Advertisement -

More Articles Like This

- Advertisement -
css.php