South Sudan urges int'l investors to pour money into nation’s oil sector

South Sudan urged international investors on Tuesday to put money in oil and other minerals in the country, reports Anadolu Agency.

“We have a vision to become the economic hub of this part of the world, particularly East and Central Africa. This is a land of abundance. We have what it takes to make this country an economic hub,” South Sudan’s First Vice President Riek Machar said at the opening of the South Sudan Oil & Power 2022 conference and exhibition in the capital of Juba.

“We are more oriented to increase our oil production so that from the revenue, we can build our infrastructural base and provide the necessary delivering services such as health, education and clean water,” he added.

Machar encouraged investment in infrastructure projects, manufacturing and the energy and transport sectors.

“We have many opportunities for investment. If you want to invest in the agro-industry, it is there. We say since we are blessed with oil, we should use this oil to power our agricultural potential,” he said.

He noted that the government plans to increase oil production to provide services like health, education, clean water to the country’s citizens and highlighted the need for investments in power as a top priority.

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Minister of Petroleum Puot Kang Chol said his agency, in collaboration with the Ministry of Environment, has launched a competitive tender for the commencement of environmental audits across the industry and it will help the country review, improve and strengthen environmental laws.

He said South Sudan is currently producing 170,000 barrels of oil per day compared to 350,000 before civil war broke erupted.

In 2022, South Sudan prioritized energy partnerships to enhance exploration and production. Countries such as South Africa and China, present in South Sudan for several years, are looking to increase their footprints in the high potential market.

Special Advisor to South Africa’s Department of Mineral Resources and Energy Minister, Advocate Sandile Nogxina, said that his country has identified South Sudan as a strategic partner with a production share agreement and will soon begin Aero magnetic surveys.

“This is not an isolated exploration project but an integrated one with the opportunities to create a pipeline to export the resources and create refineries to process those resources. Is it our belief that these efforts will significantly contribute to both countries’ energy sufficiency,” he said,

International companies and delegations from Asia, Europe, North America and the Middle East attended the conference.

South Sudan has 3.5 billion barrels of proven oil reserves and 3 trillion cubic feet of natural gas reserves.

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