Johannesburg - A landmark peace deal signed in South Sudan more than a year ago after civil war has opened the doors to setting up key structures again, allowing one of the world's newest countries to exploit its oil reserves to achieve economic stability, a leading executive has said.
In a column on Monday, African Energy Chamber executive chairman NJ Ayuk, who is also chief executive of pan-African corporate law conglomerate Centurion Law Group, applauded the move by South Sudan's ministry of petroleum to support companies operating in the country and push them to increase oil production and reopen oil fields shut down during the civil conflict which broke out in 2013.
"A target of returning to a pre-war daily production of 350 thousand barrels of oil per day was set for 2020. Ambitious as it may be, it has set the government's tone regarding its oil industry -- 'We want investment now!'," Ayuk said.
"It’s working! Slowly but surely, old oil fields have been brought online and the national daily production rate, although far from its ultimate goal, standing today at 180 thousand barrels per day, is consistently increasing, step by step."
"The South Sudanese leadership is conscious that oil is their only door, at the moment, for economic stability," he added.