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. sabcnews SouthSudan Oil
SA Energy Minister Jeffrey Radebe described the agreement as a great deal for both countries.
The deal will see South Africa’s state-owned oil company, Strategic Fuel Fund and South Sudan’s Nile Petroleum Corporation, explore an area of 3 000 square kilometres known as “Block B2”.Exploration will begin immediately and is expected to continue for six years. A September 2018 peace deal has helped revive production, which has gone from around 155 000 barrels per day at the end of last year, to current figures of 175 000, said Gatkuoth.The oil sector’s revival was a key part of the peace deal mediated by Sudan, whose economy also suffered from the slowdown in oil output to the south.
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