South Sudan to launch oil and gas policy
London, May 9, 2018 (AltAfrika)-South Sudan will launch a policy to regulate oil and gas industry management, official said.
Oil minister Ezekiel Lol Gatkuoth said the local content regulatory framework would be released within 60 days.
The decision was reached on the advice of the pan-African legal firm, the Centurion Law Group.
The Centurion Law Group was in Juba last week to help develop the new guidelines for the industry management.
Mr Gatkuoth said the framework intends to build domestic capacity and provide more opportunities to South Sudanese.
“The republic of South Sudan’s oil and gas industry is growing at an unprecedented rate, with a new exploration production contract signed last year and production activity set to resume at two of our fields.
“It is crucial that we implement a fair, balanced local content policy to guide the development of our oil and gas industry and ensure the natural resources of the country directly benefit the people of South Sudan,” Mr Gatkuoth said in a statement posted online.
Fund the war
He also said the South Sudan oil and gas industry was heavily attracting investments interest from international community.
“It is also critical for the continued development of our nation’s economy that the oil and gas industry remains an attractive investment spot for the international community,” he said.
The South Sudan economy heavily depends on oil revenue with over 90 per cent income.
The US recently slapped South Sudan oil companies with sanctions for allegedly using the proceeds to fund the war.