• 4 minutes Pompeo: Aramco Attacks Are An "Act Of War" By Iran
  • 7 minutes Who Really Benefits From The "Iran Attacked Saudi Arabia" Narrative?
  • 11 minutes Trump Will Win In 2020
  • 15 minutes Experts review Saudi damage photos. Say Said is need to do a lot of explaining.
  • 2 hours Let's shut down dissent like The Conversation in Australia
  • 3 hours Ethanol is the SAVIOR of the Oil Industry, Convenience Store Industry, Automotive Supply Chain Industry and Much More!
  • 6 hours One of the fire satellite pictures showed what look like the fire hit outside the main oil complex. Like it hit storage or pipeline facility. Not big deal.
  • 3 hours Saudi State-of-Art Defense System looking the wrong way. MBS must fire Defense Minister. Oh, MBS is Defense Minister. Forget about it.
  • 5 hours Trump Accidentally Discusses Technology Used In The Border Wall
  • 2 hours Ethanol, the Perfect Home Remedy for A Saudi Oil Fever
  • 20 hours Drone attacks cause fire at two Saudi Aramco facilities, blaze now under control
  • 13 hours Donald Trump Proposes Harnessing Liberal Tears To Provide Clean Energy
  • 12 hours Saudis Buying Oil From Iraq
  • 13 hours Saudis Confirm a Cruise Missile from Iranian Origin
  • 3 hours Hong Kong protesters appeal to Trump for support.
  • 1 day China Faces Economic Collapse
  • 1 day Democrats and Gun Views

South Sudan Finds First Oil Since Its Independence

South Sudan Oil

South Sudan’s oil minister reported on Thursday that the country has made its first oil discovery since declaring its independence eight years ago, according to Reuters.

The latest oil find, at 5.3 million barrels of recoverable oil, is small but noteworthy for the country that has seen its oil production fall from as much as 0.35 million barrels per day to the current level of 0.18 million barrels per day as the war with neighboring Sudan damaged critical infrastructure. South Sudan has plans to resume its pre-war levels by the end of next year.

For South Sudan this is critical. While it only produces 180,000 barrels per day, almost all of the country’s revenues come from its oil industry. According to the World Bank, South Sudan is the most heavily oil-dependent nation in the world.

South Sudan has been on a borrowing spree this year as it struggles to get its oil industry back on track. The loans, many of which were from China, were supposed to be paid back through future oil revenues –from oil that had not yet been gotten out of the ground. 

China is heavily embedded in South Sudan’s oil industry, and China’s JVs in the country are responsible for the majority of what it produces today.

South Sudan has plans to construct an inland crude pipeline that will tie into the main export pipeline that leads to Port Sudan at the Red Sea. The pipeline is expected to be completed in the fourth quarter of next year, S&P Platts said on Tuesday, quoting South Sudan oil minister Awow Daniel Chuang.

South Sudan is thought to hold 3.5 billion barrels of oil, much of which has yet to be explored.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play