South Sudan’s minister of petroleum Awow Daniel Chuang on Thursday said the world’s youngest nation aims to attract international finance to help develop its oil and gas sector during the upcoming third oil and gas conference in Juba.
According to Mr. Chuang, the country seeks investments to revive redundant projects in the oil and energy sector, which failed to take off largely due to lack of finance and disruption caused by the more than five years of conflict.
South Sudan will on Oct.28-30 host its third annual oil and gas conference in partnership with Africa Oil and Power which focuses on key issues of finance, oil field technology and community development.
Chuang stressed the importance for the country to focus on financing to be able to address the challenges it faces and tap international funding and expertise in oil and gas.
Chuang disclosed that they have since 2017 relied on the Africa Oil and Power conferences to market South Sudan’s oil industry to the world as the country seeks to consolidate its position as the major oil producer in the region ahead of new comers like Kenya and Uganda.
South Sudan depends 95 percent on oil production to finance its fiscal budget. The crude is transported through Port Sudan. Oil production has of late peaked to 175,000 barrels a day.