Sunday, 16 January 2011

Sudan: South Expects New Oil Finds to Boost Its Economy

Khartoum — South Sudan government expects that new oil finds in the region by European operators would increase its revenue and help to cover important expenditures for the new state which might proclaim its independence next July.
The semi-autonomous region is conducting nowadays a referendum on self-determination which would lead to the establishment of a new African state devoid of infrastructure and ravaged by war.
The French oil company Total SA (TOT) and Spanish Star Petroleum will start oil exploration next March in two blocks located in Jonglei state, the southern Sudan oil minister said.
"One is Bloc B, the biggest in southern Sudan, to Total. They will start exploration in March. And another bloc is Bloc E with Star Petroleum, a Spanish company," said minister Garang Diing to the Agence France Presse.
"We estimate that these two blocs have huge reserves which could allow us to add three times the current production to reach maybe two million bpd around 2014 to 2015."
The minister estimated the South produces 450,000 barrel per day

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