Juba, January 3, 2017 (SSNA) — South Sudan’s embassy official in the United Arab Emirates (UAE) said Juba is planning to increase oil production as global oil markets reported hike in prices, the Gulf News reported.
“We are planning to increase oil production as oil prices go up to increase our revenue and expand the ways of oil industry. We suffered the most due to low oil prices. Rise in oil prices is a good news for us,” Mayom Alier, who is the Deputy Head of South Sudan mission in the United Arab Emirates, was quoted as saying.
The announcement came after the Organization of the Petroleum Exporting Countries (OPEC) and influential word oil exporters decided to cut oil production.
The deputy head of mission admits that the Republic of South Sudan suffered a lot due to low oil prices and urges UAE and other nations to invest in what he described as “enormous resources.”
“South Sudan offers investment opportunities in tourism, oil industry and in agriculture sectors for the UAE government to invest,” he said, adding that “We have enormous resources that are yet to be tapped. As the UAE mulls investment in various countries, South Sudan could be a good option in future specially in areas of food security.”
The war-torn country is currently producing at least 130,000 barrels per day and Alier indicated that Juba wants to reach the levels of 500,000 barrels per day.
South Sudan depends heavily on oil revenues and many regional analysts warned that the young nation’s economy could collapse if oil prices keep declining.
China, India, and Malaysia are the main investors in South Sudan oil sector.
Alier didn’t give any detail on government plan to increase the oil production.