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FINANCIAL NEWS
South Sudan oil revenue at USD3.38b
04 Jan 2015
(MENAFN) South Sudan’s Petroleum Ministry said that the country’s oil revenue was negatively affected due to reduced output as well as the continuous decline in oil prices, Arab News reported.
Oil income, which is the main source of cash for South Sudan, has registered a decline to reach USD3.38 billion in 2014, though the government was left with only USD1.71billion as revenue after deducting USD884 million which were due as payments to Sudan as well as repaying loans at a value of USD781 million.
The oil revenue was generated from the sale of 36.6 million barrels as output declined by about a third to an average 160.000 barrels per day (bpd) compared with the previous levels of 245.000 bpd because of the political unrest in the country, which also resulted in damage to some of the country’s oil fields while production at others was hit by a lack of spare parts.
“It will come as no surprise that one effect of the decrease in global oil prices is the fairly substantial reduction of revenues our nation is receiving in its sales of crude oil,” South Sudan’s Petroleum Minister said.
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