VenturesNow

South Sudan puts up 14 oil blocs for sale amid dwindling economy

Published

2 years ago

September 16, 2022

Amid a dwindling economy and the threat of skyrocketing inflation, South Sudan has put up 14 of its oil blocs for sale in a bid to increase production to pre-war levels of 350,000 barrels a day.

The Managing Director of State-owned oil conglomerate, Nile Petroleum Corporation Limited (Nilepet), Chol Deng Thon Abel, who confirmed the development to journalists in the capital, Juba, on Thursday, said interest in the country’s petroleum industry has been growing from within Africa and abroad.

Much of South Sudan’s oil and gas blocks are yet to be fully explored and resources assessed, stalled by conflict, hence the need to sell them off,” Abel said at the end of the country’s 5th annual oil and power forum.

“We have 14 oil blocks that have not been taken, and we invite international companies that are here to seize the opportunity to apply for these blocks.

“South Sudan is actually very busy nowadays attracting international companies to come and invest in the oil industry, and this conference is a very good platform to exchange ideas with international companies,” the MD added.

Going by the sale plans, Nilepet is to take over blocks 3 and 7 by 2027, while blocks 3 and 7 are to be taken over and operated by Dar Petroleum Operating Company, a consortium owned by Malaysian Petroliam Nasional, China National Petroleum Corporation, China Petrochemical, Nile Petroleum and MOG Energy, when the exploration production sharing agreement expires, Abel said.

South Sudan which has the third largest oil reserves in sub-Saharan Africa estimated at 3.5 billion barrels, has been producing at only 30 per cent capacity following conflicts that have engulfed the country since gaining independence from Sudan in 2002.

According to statistics, the country currently produces 175,000 barrels a day, about a third of the potential 500,000 bpd, in blocks 1, 2 and 4 and blocks 3 and 7, and block 5A in Unity state.

Click to comment

VenturesNow

Moroccan annual inflation rises to 0.8% in November

Published

4 hours ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

VenturesNow

Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

1 day ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”