Historic agreement marks yet another achievement of Africa's growing energy investments and will provide further impetus to South Sudan's economic recovery

The signing of the new Exploration and Production Sharing Agreement (EPSA) between South Sudan and the South African Strategic Fuel Fund (SFF) is a boost for peace, stability and the South Sudanese oil sector. This landmark agreement marks a further achievement of Africa's growing energy investments and will provide further impetus to South Sudan's economic recovery.

Present in Juba during the signing ceremony, the Chamber stressed the importance of this new EPSA for the oil industry in South Sudan. This is the second time in two years that South Sudan has successfully attracted African investment to its land, marking the emergence of strong intra-African energy cooperation and signaling the success of South Sudan's reforms aimed at provide investors with a conducive environment to do business in the country.

“The deal is brilliant and the exploration prospects for South Sudan and Block B are huge, with potential resources in the billions of barrels of oil. Potential discoveries can be quickly and inexpensively linked to existing infrastructure,” said NJ Ayuk, CEO of Centurion Law Group and Executive Chairman of the Chamber.

“I am also impressed with the agreement's commitment to local content, African recruitment and education. Education will probably do more to strengthen the economy in general than anything government can do. South Sudan's ability to attract, retain and mobilize energy investment is essential for inclusive and sustainable economic growth. The Chamber will continue to develop and support market-oriented and people-oriented policies,” added NJ Ayuk.

The Chamber believes that the potential for significant oil and gas discoveries is immense in South Sudan, which remains largely underexplored despite having already proven oil reserves of 3.5 billion barrels. New entrants such as the SFF are essential to ensure the socio-economic development of South Sudan and show the way for other investors.

South Sudan is expected to produce nearly 270,000 bpd by the end of the year and is looking to invest across its value chain. The expansion of the country's oil and gas industry offers tremendous opportunities for upstream and downstream investment through the construction of additional connectivity pipelines, refining and the development of the country's marketing network.