This archive report was first published on 9 September 2019.
Published on September 9, 2019, South Sudan's oil reserves have been a subject of interest for many years. The country's vast oil reserves are estimated at 3.5 billion barrels, with a significant portion of its territory remaining unexplored.
The discovery of an oilfield in Upper Nile State in August 2019 is a significant milestone in the country's oil exploration journey. The new well is located near the Adar oilfield in Block 3, which is operated by Dar Petroleum, a consortium of CNPC, Petronas, Nilepet, Sinopec, and Tri-Ocean Energy.
According to Petroleum Minister Awow Daniel Chuang, the political stability and relative peace achieved after the September 2018 ceasefire agreement will enable the nation to explore the new and existing fields. This is a positive development for the country, which has faced significant challenges in the past.
For instance, a civil war in 2013 led to a decline in oil production from 350,000 barrels a day in 2011 to less than 130,000 barrels a day in 2014. The government has set a target of 200,000 barrels a day by the end of 2019.
According to World Bank figures, oil accounts for 60% of South Sudan's GDP, making it the world's most dependent nation on oil.
