AfDB Supports Push On South Sudan’s Oil Sector
The African Development Bank (AfDB) is supporting South Sudan to streamline its oil sector with a view to increasing production.
South Sudan has proven reserves of 3.5 billion barrels, but the majority of the country remains unexplored and current production stands at just 150,000 barrels per day.
The AfDB’s Legal Support Facility is working with the National Petroleum and Gas Commission of South Sudan to oversee a review of the country’s legal and regulatory regime and build capacity.
Together the paid has selected Centurion Law Group to conduct a review of the states quo. Speaking on the project the Centurion’s CEO NJ Ayuk is quotes as stating, “We can expect a full review of South Sudan’s Exploration and Production Sharing Agreements framework and model, with South Sudan officials trained on negotiating such agreements.”
“We do not see South Sudan as an industry that needs to be improved but one that needs to build a brand new future for itself. South Sudan is East Africa’s most mature producing province, but it is also the newest, institutionally-speaking,” Mr Ayuk continued.
In addition to attracting more investment and building capacity in the sector, the project will also see the development of a local content policy.