South Sudan government expects 4% drop in oil production this year

Views: 1     Author: Site Editor     Publish Time: 2022-08-05      Origin: Site


South Sudan's "Vision Radio" website August 4, 2022 News The South Sudanese government predicts that oil production will be reduced by 6,000 barrels per day due to depleted oil wells and the impact of floods on fields.South Finance and Planning Minister Agak Acuil said oil production capacity is expected to fall to 150,000 barrels a day this year from 156,000 barrels a day last year. The minister said the government is targeting 715.7 billion South Sudanese pounds from oil revenues and 513.6 billion pounds from non-oil revenues.According to the report, when South Sudan became independent, oil production exceeded 300,000 barrels per day. Due to various factors such as civil conflict, the current output is only half of what it was at independence. According to the International Crisis Group, the South Sudanese government expects oil production to continue to halve every five years, citing production setbacks, volatile oil prices, instability and the poor quality of much of the country's crude.The South's government predicts that while oil production has fallen, current producers are benefiting from higher energy prices caused by the conflict between Russia and Ukraine.

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