Petroleum Africa
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Monday, January 5, 2015
The drop in oil prices and the inability to bring stability to the country has severely hurt South Sudan’s oil revenues in 2014 according to a statement from the country’s Minister of Petroleum Stephen Dhieu Dau.
Production has fallen by about one-third and oil prices are down roughly $40 per barrel which has put a crimp in the country’s development goals. Dau’s December 30 statement said that after deducting $884 million in payments due to Sudan and loan repayments of $781 million, the government was left with $1.71 billion from its oil revenue.
“It will come as no surprise that one effect of the decrease in global oil prices is the fairly substantial reduction of revenues our nation is receiving in its sales of crude oil,” Dau said, though he gave no comparative figures for 2013. The minister added that he was confident that crude oil production will resume in four oil blocks during 2015.
He also said that the industry should expect the government to begin allocating blocks through an open tender process in 2015.
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