South Sudan has an estimated 3.5 billion barrels of oil with only 30% of it being explored, Petroleum Minister Ezekiel Lol Gatkuoth said at the signing ceremony.
JUBA - South Africa on Monday signed a deal for the exploration and production of oil in South Sudan, as part of a $1 billion investment in the conflict-torn nation's struggling oil industry.
A September 2018 peace deal has helped revive production, which has gone from around 155,000 barrels per day at the end of last year, to current figures of 175,000, said Gatkuoth.The oil sector's revival was a key part of the peace deal mediated by Sudan, whose economy also suffered from the slowdown in oil output to the south.
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