Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

South Sudan oil production down 29  Join our daily free Newsletter

MENAFN - AFP - 02/03/2014
No. of Ratings : 0
Add to Mixx!


(MENAFN - AFP) Fighting in South Sudan has cut production from the country's lifeline oilfields by about 29 percent, the press secretary to President Salva Kiir said in Khartoum on Sunday."South Sudan is still getting more than 175,000 barrels a day," said Ateny Wek Ateny.That amount is down from 245,000 barrels per day before fighting began in mid-December between forces supporting Kiir and those from a loose alliance of ethnic militia and army defectors loyal to ex-vice president Riek Machar.Ateny did not give a dollar figure for how much revenue the government has lost, and said a true assessment can come only after fighting completely stops."I know that there are a number of properties that are destroyed in Bentiu, in Bor and in Malakal and we cannot have the assessment now until the war is over," he said.In late February, rebels loyal to Machar captured Malakal, the capital of Upper Nile state where most of the South's oil is produced.The rebel move on Malakal came despite a ceasefire that was supposed to be in place.Government forces in January recaptured Bentiu, the capital of another oil-producing area, Unity State.India's ONGC Videsh Ltd, a partner in two joint oil production companies in South Sudan, announced on December 26 that the firms had temporarily halted operations there because of deteriorating security.Those fields were producing more than 40,000 barrels daily

South Sudan became independent from Sudan in July 2011 after a peace deal ended 22 years of civil war.The South split with about 75 percent of united Sudan's oil production, but pipelines and the Red Sea export terminal remained in the north.Under an agreement between the two countries, Sudan was to receive an estimated 1.5 billion this year in South Sudanese fees for using the northern export infrastructure, and a package to compensate for the loss of the South's oil at separation.That revenue due to Khartoum was down about 20 percent since fighting began in December, a Western diplomat said last month.The northern economy was already struggling with a shortage of foreign reserves, a weakened currency and soaring prices since South Sudan separated.The lost crude accounted for most of Khartoum's export earnings and half of its fiscal revenues.In the South, oil made up about 80 percent of 2012 gross domestic product (GDP), but even before war broke out in December it was one of the continent's least developed countries.GDP amounted to just 10.22 billion in 2012, according to the World Bank.Thousands of people have been killed and almost 900,000 others forced from their homes by the fighting in South Sudan, which began as a power struggle between Kiir and Machar.Oil industry analysts have cited the unrest in South Sudan as a factor supporting global crude prices.

 


AFP




  MENA News Headlines
 Dec 7 2016 - Qatar- Armed groups take control of Libyan town of Ben Jawad, close to major oil portsThe Peninsula
(MENAFN - The Peninsula) BENGHAZI, Libya: Armed groups took control on Wednesday of the Libyan town of Ben Jawad, close to some of Libya's major eastern oil ports, security officials said. Miftah ...

 Dec 7 2016 - Israeli missiles hit near airbase outside Damascus: Syria mediaThe Peninsula
(MENAFN - The Peninsula) Damascus: Several Israeli missiles struck the notorious Mazzeh airbase outside Damascus overnight without causing any casualties, Syrian state media reported on Wednesday. ...

 Dec 7 2016 - Turkey says pushing Aleppo talks between Russia, Syria oppositionThe Peninsula
(MENAFN - The Peninsula) Moscow:Ankara is doing "everything possible" to facilitate negotiations between Moscow and Syrian opposition groups to halt the bloodshed in Aleppo, Turkey's ...

 Dec 7 2016 - Syria rebels call for Aleppo truce, civilian evacuationThe Peninsula
(MENAFN - The Peninsula) Aleppo, Syria:Syrian rebels in Aleppo city called Wednesday for an immediate five-day truce and the evacuation of civilians to other opposition-held territory in the northern ...

 Dec 7 2016 - Arab Palestinian Investment Company - APIC Achieves Net Profits of USD6.28 Million in the First Half of 2016MENAFN Press
(MENAFN Press) Tarek Aggad, Chairman and CEO of Arab Palestinian Investment Company - APIC, said that the group achieved net profits after tax of USD6.28 million. Net profit attributed to APIC's ...

 Dec 7 2016 - The Dubai Summer Pass: City Entertainment Offer Proves a Great SuccessMENAFN Press
(MENAFN Press) Now in its 18th year, the "Dubai Summer Surprises" campaign is the highlight of the city's summer calendar, with events and activities for the whole family. As part of this campaign ...

 Dec 7 2016 - Kuwait- His Highness the Amir thanks Bahraini King on warm hospitalityKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) KUWAIT, Dec 7 (KUNA) -- His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah has cabled Bahrain's King Hamad bin Isa Al-Khalifa expressing deep gratitude ...

 Dec 7 2016 - Greenback slide resumes on disappointing Fed minutes Japan’s verbal intervention falling on deaf earsMENAFN Press
(MENAFN Press) Dollar bulls were clearly uninspired by July’s Federal Reserve’s minutes released on Wednesday as participants remained divided over when to move interest rates. According to the ...

 Dec 7 2016 - Kuwait- His Highness the Amir departs BahrainKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) MANAMA, Dec 7 (KUNA) -- His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, along with his official delegation, departed the Kingdom of Bahrain on ...

 Dec 7 2016 - Kuwait insists on plan to provide 15 pct of energy out of renewable energyKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) AMMAN, Dec 7 (KUNA) -- The State of Kuwait is resolved to go ahead with its strategy to provide 15 percent of its energy needs out of renewable energy by 2030, an ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Search News
Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help