• 4 minutes 2nd Annual Great Oil Price Prediction Challenge of 2019
  • 7 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 10 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 13 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 1 hour The 5 Scary New Rules Of Upside-Down Capitalism
  • 3 hours U.S. Shale To Break Records Despite Bearish Rhetoric
  • 25 mins Hydrogen Hurdles in Japan
  • 11 hours More dumbed down? re Hong Kong Act of Congress
  • 2 hours Winter Storms Hitting Continental US
  • 3 hours Conoco next gen test wells Vintage 5 (V5) 20% recovery and say " We can do even better "
  • 16 hours U.S. Shale Output may Start Dropping Next Year
  • 3 hours PennEast Appealing Wacky 3rd Circuit Decision to Supreme Court
  • 13 hours Petroleum Industry Domain Names
  • 18 mins Aramco IPO magic trick
  • 3 hours NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
  • 5 hours Impeachment S**te
  • 3 hours Contaminated Oil
  • 18 hours Crazy Stories From Round The World
  • 3 hours Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
Has U.S. Shale Seen Its Profits Peak?

Has U.S. Shale Seen Its Profits Peak?

U.S. shale may well have…

This European Nation Is Planning A Complete Offshore Oil Ban

This European Nation Is Planning A Complete Offshore Oil Ban

Under pressure from environmentalists, Ireland…

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