South Sudan has an estimated 3.5-billion barrels of oil with only 30% of it being explored, Petroleum Minister Ezekiel Lol Gatkuoth said at the signing ceremony.
South Africa on Monday signed a deal for the exploration and production of oil in South Sudan, as part of a $1 billion investment in the conflict-torn nation’s struggling oil industry.
South African Oil Minister Jeffrey Radebe described the agreement as “a great deal” for both countries. At its peak, oil production in South Sudan was at 350 000 barrels a day, however production has been crippled, with oil fields severely damaged by almost six years of war. South Sudan’s oil sector is currently dominated by Chinese and Malaysian oil companies, while companies from Russia and Nigeria have also signed deals to explore new oil blocks.
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