South Sudan Oil Market Projected to Reach $13.91 Billion by 2032
South Sudan’s oil and gas upstream market is positioned for steady growth, with valuations expected to rise from $9.63 billion in 2024 to $13.91 billion by 2032, representing a compound annual growth rate of 4.7%. Current production stands at 103.76 thousand barrels per day, with projections reaching 111.40 bpd by 2029.
The country holds significant untapped potential, with approximately 90% of oil and gas resources yet to be explored. The government has opened 14 new oil blocks for exploration, potentially increasing known reserves by 30%. Foreign investment, including China’s $6 billion commitment to oil infrastructure, has positively impacted production levels and attracted international attention.
Major companies operating in the sector include Nile Petroleum Corporation (Nilepet), Niger Delta Exploration & Production Plc, ONGC Videsh Limited, PETRONAS, and China National Petroleum Corporation (CNPC). These players are driving technological advancement and sustainable practices across the industry.
Infrastructure development remains a priority, with the government collaborating on refinery and storage facility projects. The proposed Block 5A refinery, with an estimated initial cost of $3 billion, represents a significant step toward reducing import reliance and improving domestic refining capacity.
Source: openpr.com