• 3 minutes UAE says four vessels subjected to 'sabotage' near Fujairah port
  • 6 minutes Why is Strait of Hormuz the World's Most Important Oil Artery
  • 8 minutes OPEC is no longer an Apex Predator
  • 12 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 2 hours Canada's Uncivil Oil War : 78% of Voters Cite *Energy* as the Top Issue
  • 2 hours Australia Sky News Election Summary: "This was the Climate Change Cult Election, and the Climate Change Cult Lost"
  • 6 hours China Downplays Chances For Trade Talks While U.S. Plays ‘Little Tricks’
  • 6 hours California Threatens Ban on ICE Cars
  • 26 mins Australian Voters Reject 'Climate Change' Politicians
  • 6 hours IMO2020 To scrub or not to scrub
  • 10 hours Global Warming Making The Rich Richer
  • 6 hours Did Saudi Arabia pull a "Jussie Smollett" and fake an attack on themselves to justify indiscriminate bombing on Yemen city population ?
  • 7 days How can Trump 'own' a trade war?
  • 7 days China, U.S. Hold 'Productive' Trade Talks In Beijing
  • 2 hours Some Good News on Climate Change Maybe
  • 6 hours Wonders of Shale- Gas,bringing investments and jobs to the US
  • 7 hours "We cannot be relying on fossil fuels to burn as an energy source at all in our country" - Canadian NDP Political Leader
On The Cusp Of War: Why Iran Won’t Fold

On The Cusp Of War: Why Iran Won’t Fold

Iran’s Supreme Leader Ayatollah Khamenei…

Struggling Sudan Aims To Revive Oil Industry

Sudan desert

Sudan, a relatively small African oil producer plagued by economic hardships since South Sudan seceded in 2011, wants to attract oil investments and will launch an exploration bid round next year, Sudan’s Petroleum Minister Azhari Abdalla said on Wednesday.

“Sudan has been suffering for quite some time, we feel confident that now is really the time for a second boom in this country,” South African news outlet SowetanLIVE quoted Abdalla as saying at a press conference at the Africa Oil Week conference in Cape Town.

“We are open and willing to receive whoever wants to come and invest in our country with an open mind and open arms — no restrictions whatsoever,” Abdalla said.

South Sudan broke from Sudan in 2011 and took with it around 350,000 bpd in oil production. After South Sudan’s secession from Sudan, the two countries have been mutually dependent on oil revenues, because the south has 75 percent of the oil reserves, while the north has the only current transport route for the oil to international markets.

But then civil war in South Sudan broke out in 2013 that further complicated oil production. And the oil price crash the following year additionally affected oil income for the ravaged economies of both countries.

Some of the U.S. sanctions on Sudan were partially lifted in October 2017, but Sudan’s economy has failed to lift off since then.

A severe economic crisis is raging in the country, where banks have put limits on withdrawals. The government has pledged a 15-month austerity program in hopes of stabilizing the economy. According to the IMF, Sudan’s economy will shrink by 2.3 percent this year, while inflation will reach 61.8 percent.

Yet, Sudan hopes to increase its crude oil production from the current 75,000 bpd to 120,000 bpd within a year. The country also targets to start exports of oil within the next three to five years.

By Tsvetana Paraskova 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