September 23rd 2019 (Nyamilepedia)-South Sudan’s government has announced its readiness to host its third international Oil and Gas Conference in the capital Juba, in an attempt to spur growth in the oil sector, which currently accounts for 70% of the country’s revenues.
Speaking to the media in the capital Juba, Awow Daniel Chuang, South Sudan’s Oil Minister, said the expected Oil and Gas Conference, aimed at attracting hundreds of international investors, will stimulate and boost the oil sector, as the country enters an era of peace.
“We are now actively seeking exploration, seismic and geophysical companies to gather and present exploration data at the event,” said South Sudan’s Petroleum Minister Awow Daniel Chuang.”
For his part, Chief Executive Officer of Africa Oil and Power, Guillaume Doane, said the revitalized peace agreement has laid groundwork and improved production at several key oil fields, adding that the oil and gas conference would enable many global investors to seek more exploration deals during the event.
“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,” the statement said.
South Sudan is the most oil-dependent nation in the world, with oil accounting for about 60 percent of its gross domestic product (GDP).
South Sudan descended into civil war in 2013, shortly after gaining independence from Sudan, the country is struggling with economic hardships due to the ongoing conflict that has killed 382,000 people and displaced millions from their homes.