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FINANCIAL NEWS
Sudan set to hike daily oil production
01 Dec 2010
(MENAFN) A Sudanese government official said that the country will add 30,000 barrels per day (bpd) of crude with a new oilfield in the north, hiking its total production to 500,000 bpd, Reuters reported.
Sudan’s economy is heavily dependent on crude and the south — where most of the oil is located — is hurtling towards independence in a January 9 referendum on secession as part of a 2005 peace deal ending Africa’s longest north-south civil war.
Sudan is trying to raise production in the north to compensate for the expected secession. Oil accounts for more than 90 percent of Sudan’s foreign currency revenues and around 45 percent of its entire budget.
One source in the oil ministry said the additional production in Block 6 would take output from wells in the north up to around 100,000 bpd.
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