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    UAE Energy Investments in the US

    UAE Energy Investments in the US to Reach $440B by 2035

    IEA Warns of Global Oil Demand

    IEA Warns of Global Oil Demand Slowdown in 2025

    Trans Mountain Pipeline Expansion Boosts China Oil Trade

    Trans Mountain Pipeline Expansion Boosts China Oil Trade

    Oil And Gas Sector in Syria

    Oil And Gas Sector in Syria Looks forward to Resurgence

    OPEC

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    Production Surge

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    Aramco announces 34 MoUs and agreements with US companies

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    South-Africa-Oil-and-Gas-Exploration

    South Africa Speeding-up its Oil and Gas Exploration

    Upstream-Exploration

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    Offshore-Drilling

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    Global oil and gas projects pipeline at US$4 trn

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    Demand for Global Oil to Grow to Almost 104 mb/d in 2025

    ExxonMobil to sell Norway upstream operations for $4.5 billion

    ExxonMobil completes acquisition of Pioneer Natural Resources

    Ithaca Energy unit to acquire Chevron’s Central North Sea assets

    ExxonMobil doubles Permian footprint after finalizing Pioneer acquisition

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South Sudan to take over oil operations in nationalization drive

venkat by venkat
May 9, 2022
in Press Releases
0
Empire Petroleum buys US oil and gas assets from ExxonMobil

South Sudan is taking steps to take over the operations of international oil companies in the country to increase its share of revenue, even as production declines, according to a government official.

The plan, to be implemented over five years, reflects moves by other African nations to play a more active role in their own oil and gas fields. South Sudan has been boosting the role of state-owned Nile Petroleum Corp., taking over assets as contracts expire.

“Nationalization will be done through training where we are able,” Awow Daniel Chuang, South Sudan’s undersecretary in the Ministry of Petroleum, told reporters on Friday in Juba, the capital. “In areas where we don’t have expertise, we will have to use foreigners for a very short period of time” until those skills are acquired, he said.

Operators in the East African nation include China National Petroleum Corp, India’s OGNC and Malaysia’s Petroliam Nasional Bhd.

South Sudan has struggled to rebuild its economy after a devastating civil war and a fragile peace agreement, signed two years ago, and communal violence have hampered efforts to boost activity. Recent flooding added to constraints, limiting output from the oil fields to 130,000 barrels a day. That’s down from about 350,000 barrels before the war.

The danger from floods will remain unless precautionary measures are taken, according to Chuang. A data center has been opened and training centers will be built, but a foreign contingent will remain, he said.

“Oil production is an international business destination that requires technology, that requires knowledge, and everywhere, even America, does not have 100% local content,” Chuang said.

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