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 26 2014 - Russia hopes to host Syria talks in JanuaryThe Peninsula
(MENAFN - The Peninsula)  -Russia plans to host delegations from the Syrian opposition in late January, possibly followed by a visit by regime representatives that could bring the two sides together ...

 Dec 26 2014 - Lebanon's Hezbollah detains 'Israeli spy' in its ranksThe Peninsula
(MENAFN - The Peninsula)  Lebanon's Hezbollah has detained a senior party official it accused of spying for Israel and "sabotaging security operations" abroad, a source close to the movement said on ...

 Dec 26 2014 - Syrian rebel groups in Aleppo enter allianceThe Peninsula
(MENAFN - The Peninsula)  Rebel groups fighting in Syria's northern Aleppo province have agreed to form an alliance, a group monitoring the country's civil war said on Thursday.A lack of unity among ...

 Dec 26 2014 - Israel approves 243 new settler homes in East JerusalemThe Peninsula
(MENAFN - The Peninsula)  Israel has given preliminary approval for the construction of 243 new homes on West Bank land that Israel annexed to Jerusalem, and advanced plans for another 270 homes in ...

 Dec 26 2014 - Iraq, Turkey pledge to join hands to fight ISIS jihadistsThe Peninsula
(MENAFN - The Peninsula)  Iraq and Turkey on Thursday pledged to join forces to fight Islamic State insurgents who are holding swathes of Iraq and Syria."ISIS threatens not only Iraq's and Turkey's ...

 Dec 26 2014 - Tunisia arrests blogger for 'defaming' army officers: lawyerThe Peninsula
(MENAFN - The Peninsula)  Tunisian authorities have arrested a blogger who has been critical of the party of newly elected president Beji Caid Essebsi, as he returned home from France, his lawyer ...

 Dec 26 2014 - Qatar- Zakat Fund got 575 applications in November for aidThe Peninsula
(MENAFN - The Peninsula)  The Zakat Fund at the Ministry of Awqaf and Islamic Affairs received 575 applications for social assistance in the month of November.Zakat Fund, a charity dedicated to ...

 Dec 26 2014 - Kuwait commissions new gas processing plantThe Peninsula
(MENAFN - The Peninsula)  Kuwait has commissioned a new natural gas plant that will raise the energy-rich state's production capacity to more than 2 billion cubic feet a day, officials said on ...

 Dec 26 2014 - Egyptian pound steady on official and unofficial marketsThe Peninsula
(MENAFN - The Peninsula)  The Egyptian pound held steady at a central bank dollar sale on Thursday and on the black market.The bank offered $40 million and said it had sold $38.2 million at a cut-off ...

 Dec 26 2014 - Saudi lifts spending in 2015 budgetThe Peninsula
(MENAFN - The Peninsula)   Saudi Arabia will lift state spending to a record in its 2015 budget while covering a deficit with its huge fiscal reserves, the government said, providing the first ...

more...


 






Google

Click to Apply

 
 

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

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

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