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Global Energy Advisory – 6th June 2014

Oil and Gas Flashpoints

Since fighting broke out in South Sudan in December 2013, oil production has fallen by at least one-third, with officials now giving us a closer look at what production and sales look like, if we can rely on these figures. The official story is that the newly independent country has earned $1.9 billion from oil sales in the 12 months through May 2014. According to the Petroleum Ministry, total crude oil sales amounted to 35.3 million barrels for $3.5 billion. The Ministry claims that $857 million was allocated to Sudan for the export of South Sudan’s oil to a Red Sea port, as Sudan controls all the export channels here. The rest of the difference went to loan settlements. Fighting continues between factions loyal to President Salva Kiir and those loyal to a former presidential deputy, Riek Machar. The country’s oil infrastructure is a key target for rebel sources. Whoever controls this will control the country’s leadership. Last week, the South Sudanese Finance Minister said the government had borrowed $200 million from oil companies operating in South Sudan in order to make up for government revenue losses.

Turkey has begun selling oil imported from Iraqi Kurdistan on the international market, prompting warnings from the Iraqi central authorities in Baghdad that buyers and traders in this “stolen and smuggled” oil will be pursued through legal channels. The Kurds had directly exported their first oil to the…

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