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FINANCIAL NEWS
South Sudan, Halliburton in talks to raise oil output
29 Oct 2011
(MENAFN) South Sudan’s minister of finance and economic planning, Kosti Manibe Nga, said that the government was in talks with US Halliburton in order to boost the country’s oil output to 40 percent, reported Arab News.
Nga added that when the country became independent from Sudan in July, it took around 75 percent of the main country’s oil output of 500,000 barrels per day, however, at the current time, it produced 23 percent to 25 percent of that amount.
He also said that tribal and rebel violence delayed the country’s efforts to make new oil discoveries in the remote south-east of the country.
It is worth noting that unless South Sudan made new oil discoveries, the country’s oil production will be forecasted to drop to the half by 2020, according to the International Monetary Fund (IMF).
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