South Sudan to host oil and gas conference to woo international investors

CULVER CITY, CA - APRIL 25: Oil rigs extract petroleum as the price of crude oil rises to nearly $120 per barrel, prompting oil companies to reopen numerous wells across the nation that were considered tapped out and unprofitable decades ago when oil sold for one-fifth the price or less, on April 25, 2008 in the Los Angeles area community of Culver City, California. Many of the old unprofitable wells, known as "stripper wells", are located in urban areas where home owners are often outraged by the noise, smell, and possible environmental hazards associated with living so close to renewed oil drilling. Since homeowners usually do not own the mineral rights under their land, oil firms can drill at an angle to go under homes regardless of the desires of residents. Using expensive new technology and drilling techniques, California producers have reversed a long decline of about 5 percent annually with an increased crude flow of about 2 1/2 million barrels in 2007 for the first time in years. (Photo by David McNew/Getty Images)
South Sudan will host an international energy conference in October to woo global investors amid quest to boost the growth of the country’s economy. (Photo by David McNew/Getty Images)

South Sudan will host an international energy conference in October to woo global investors amid quest to boost the growth of the country’s economy, officials said.

Awow Daniel Chuang, South Sudan’s Petroleum Minister, said the third oil conference will affirm Juba’s commitment to stimulate the sector’s growth as the momentum to establish a unity government later this year gathers steam.

Chuang in August confirmed that South Sudan had made a new oil discovery at the Adar oilfield in Block B3 containing over 300 million barrels of recoverable oil.

“We are looking at over 300 million reserves with the hope of more discoveries because there are two more wells that are under review,” Chuang said in a statement issued in Juba.

He said he will announce the country’s 2020 oil and gas licensing round during South Sudan’s Oil and Power slated for October 29 and 30.

Chuang also plans to announce a tender for an environmental audit of the country’s producing oilfields.

“We are now actively seeking exploration, seismic and geophysical companies to gather and present exploration data at the event,” said Chuang.

He said the government will invite Canadian, United States and European companies to Juba to gain a better understanding of South Sudan’s oil and gas sector.

Guillaume Doane, Chief Executive Officer of Africa Oil and Power, said that peace in South Sudan has paved way for the resumption of production at several key oilfields while improving cooperation with its northern neighbour, Sudan, adding that there has been an improved investment climate in the country’s energy sector.

Daone said that the plan to double oil production by 2020 is a significant milestone for the world’s youngest republic.

“The country has a massive onshore reserve base and vast unexplored areas that make a licensing round very exciting. We are excited to host the announcement of the 2020 oil and gas licensing round at Africa Oil & Power 2019 and South Sudan Oil & Power 2019,” Doane said.

In 2018, South Sudan hosted its second oil conference in an effort to revitalize the sector’s growth.

According to the World Bank, South Sudan is the most oil-dependent nation in the world, with oil accounting for bulk of the country’s exports, and about 60 percent of its gross domestic product (GDP).

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