The South Sudan Oil and Power conference 2018 focused on attracting investors and oil companies into country’s newly restored oil industry opens Tuesday in Capital Juba.
Only two out of three of South Sudan oil companies are currently producing. South Sudan’s Minister of petroleum Ezikiel Lol Gatkuoth said the 2018 conference will provide opportunity for new international companies to enter the business.
“South Sudan is dedicated to expanding oil and gas operations to strengthen the economy as well as pursue economic diversification through new infrastructure and power,” said Gathuoth
“It is imperative that new international service companies the market to meet the demand for the service.”
The three days conference will include panel discussion on oilfield development, building the nation through energy infrastructure and public private partnership.
It will also feature ministerial delegation from Sudan, Equatoria Guinea and over thirty investors.
The oil accounts to about 60 percent of the Country’s Gross Domestic Product (GDP).
Oil production shrank during the five years conflict but with a new peace deal signed and in implementation, the Government of South Sudan is pushing for increased oil production and exploration activities.
The Greater Pioneer Operating Company (GPOC) resumed oil production this year after a hiatus of several years and the Sudd Petroleum Operating Company (SPOC) is also planning to relaunch production this year, according to officials.
Experts say the resumption of oil activities represents a wealth of opportunities for South Sudan and neighbouring countries, but also presents fresh challenges, including a need to attract international investors and service companies into the country’s newly revamped oil industry.