South Sudan is hosting energy players today for the first time in the country’s capital, Juba on Oct. The two-day event that is taking place between today and tomorrow has been organised amidst the ongoing civil war.
The country is hosting two days’ summit in Juba, where global energy players, government officials and the private sector are in attendance.
Dozens of international gas and oil companies have arrived to attend this Oil & Gas summit in which the country’s president, Salva Kiir is expected to assure the investors about security situation in the country conducive for investment.
International firms such as Schlumberger, Total, Tullow Oil and Nigeria’s Oranto Petroleum are sending executives to participate in the discussions. Malaysian state Petronas and China National Petroleum Corporation (CNPC) are among the high-profile sponsors of the event.
The mining industry of South Sudan started operating from the time South Sudan became a regional government of Sudan in 2005. Its inheritance was a well developed petroleum industry with an extensive network of pipelines passing through Sudan. However, contractual allotments in mining lacked any form of regulatory framework, resulting in the legislative assembly imposing a moratorium on mining licenses in November 2010.
It’s reported that oil production in South Sudan has significantly decreased since the end of 2013. Conflict continues to stifle South Sudan’s oil sector as asset holders reduce their investments and potential investors hold back due to instability.