Workers reconstruct an oil pipeline in Abyei area of South Sudan in 2013. The country hopes to more than double its oil output to 290,000 barrels per day in the fiscal 2017/2018. FILE PHOTO | AFP
What you need to know:
The deal was announced in Juba on March 20, following a visit by the Equatorial Guinea oil minister, Gabriel Mbaga Obiang Lima
South Sudan hopes to more than double its oil output to 290,000 barrels per day in the fiscal 2017/2018.
South Sudan and Equatorial Guinea have unveiled an oil and gas partnership.
The deal was announced in Juba on March 20, following a visit by the Equatorial Guinea oil minister, Gabriel Mbaga Obiang Lima.
South Sudan Oil minister Ezekiel Gatkuoth Lol said in a statement that the deal will pave the way for the two countries to share information.
“Partnerships are what fuels the oil industry. South Sudan is proud to share its experiences with Equatorial Guinea, and to learn from them," said Mr Lol. “The petroleum industry is crucial to our nation’s development. This agreement signals our dedication to investing in the sector as a driver for South Sudan’s growth."
Mr Lima praised South Sudan for the new deal, saying sharing of expertise between the two countries was vital.
“The sharing of resources and knowledge between African oil and gas countries is critical. Going forward, Equatorial Guinea will work closely with South Sudan for the benefit of our people and our national economies," he said. “The lines of communication are open and we look forward to a deep and lasting collaboration.”
South Sudan hopes to more than double its oil output to 290,000 barrels per day in the fiscal 2017/2018.
The young nation has relied on oil revenue to fund its projects since its independence in 2011. But the economy has been hit hard since the outbreak of war in 2013.
