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South Sudan will produce more than 350,000 barrels of oil a day by mid-2020, compared to just over 140,000 barrels a day, the oil minister said on Sunday.
Production is expected to reach 270,000 bpd by the end of 2019, Petroleum Minister Ezekiel Lul Gatkuoth told Reuters. He was speaking on the sidelines of the Petrotech conference in Greater Noida, a satellite city in the Indian capital New Delhi.
Most oil fields lost during the war
The youngest country in the world, which separated from Sudan in 2011, has one of the largest reserves of crude oil in sub-Saharan Africa, only a third of which has been explored so far. The country lost many of its oil fields as a result of a civil war that erupted two years after its independence. A September peace agreement is largely in effect.
By the end of the year, blocks 3 and 7 will reach 180,000 barrels a day, blocks 1, 2 and 4 will produce 70,000 barrels a day and block 5A, 20,000 barrels a day.
"By the end of the year, Blocks 3 and 7 will reach 180,000 barrels a day, Blocks 1, 2 and 4 will produce 70,000 barrels a day and Block 5A, 20,000 barrels a day," he said. Gatkuoth.
"We were producing between 350,000 and 400,000 bpd. We hope to return to these levels by the middle of next year, "he said.
South Sudan has signed a preliminary agreement with Russia, Zarubezhneft, to explore some blocks, Gatkuoth said.
"They are interested in blocks B1, B2, E1 and E2. We will try to see where they will probably be the most interested, "he said.
HE Ezekiel Lol Gatkouth also invited E & P's Indian companies to carry out exploration activities in the new oil fields of Southern Sudan. Also explored the opportunities for Indian investments in the development of gas infrastructure in South Sudan. pic.twitter.com/cEcj8epPXF
– Dharmendra Pradhan (@dpradhanbjp) February 10, 2019
South Africa, which is committed to investing $ 1 billion in the country, will work with South Sudan to build pipelines and a new refinery along the border with South Sudan. Ethiopia, announced the minister.
"We agreed to build a refinery on the Ethiopian border. We have already signed an agreement with Ethiopia for the purchase of refined products, "said Gatkuoth.
Landlocked South Sudan is seeking to strengthen its export options beyond its Sudanese neighbor, the minister said.
"We have new blocks in southern South Sudan, whose oil will be exported to East Africa (through new pipelines)," he said.
Major US oil companies such as Exxon Mobil and Chevron have shown interest in investing in South Sudan, but are not at the moment because of the conflict, he said.
"We approached Exxon officials and I will meet them in Houston next month," he said.
BIGGER NOIDASouth Sudan will produce more than 350,000 barrels a day by the middle of 2020, compared to just over 140,000 barrels a day today, the oil minister said on Sunday.
– Abdikhadar Dunkad (@ADunkad) February 10, 2019
REUTERS
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