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South Sudan Resumes Oil Production, Needs a Year to Reach Pre-Shutdown Output Levels: Analysts
Mar. 27, 2013 11:41PM PST
Resource InvestingBloomberg reported that after 14 months of halted production, South Sudan has now resumed oil output but analysts said it could take a year to reach pre-shutdown output levels due to damage to equipment.
Bloomberg reported that after 14 months of halted production, South Sudan has now resumed oil output but analysts said it could take a year to reach pre-shutdown output levels due to damage to equipment.
As quoted in the market news:
South Sudan on March 12 agreed to restart pumping crude and exporting the fuel via neighboring Sudan after the two countries resolved a dispute over transit fees that halted 350,000 barrels a day of output. Oil in South Sudan is pumped mainly by China National Petroleum Corp., Malaysia’s Petroliam Nasional Bhd. and India’s Oil & Natural Gas Corp. (ONGC)