South Sudan has passed a bill directed at improving the country’s oil and gas industry and transforming its mode of operations to attract investors
According to Reuters, the bill, pending South Sudan President Salva Kiir’s approval, will afford the war-torn nation improved transparency by regulating how the government spends its revenues and making its decisions more investor-friendly.
The country has struggled to establish concrete laws to help stimulate growth ever since its independence in 2011. However, the persistent push from western nations to ensure greater security for investment in the oil sector is now yielding positive results.
Petroleum and mining committee head Henry Odwar said, “The Petroleum Revenue Management Bill was approved in final reading late in July and is now waiting for the president’s approval.”
Reuters noted that a lack of infrastructure has been keeping South Sudan from maximising its production output level, previously benched at 300,000 bpd. Those levels have dropped considerable after several rows with Sudan over wells utilisation.
The landlocked Central African country has expressed hope that the bill will encourage investors to embark on operational projects which will propel infrastructural development needed for the oil and gas sector’s growth.
