South Sudan Oil and Gas Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast The South Sudan oil and gas market size is anticipated to expand at a CAGR of 4.6% during the forecast period, 2021 – 2028. The growth of the market is attributed to increasing demand for refined products in the country.
In 2005, Sudan established the National Petroleum Commission to improve the development of the country’s oil resources. The commission allocates new oil contracts and ensures equal sharing of oil revenues between the national government in Khartoum and the Government of South Sudan (GOSS). It resolves duplicate oil contract issues and counter problems related to the overlap contracts, previously granted by the Government in Khartoum. The utilization of the latest technology can help in the recovery of the oil & gas from the existing oil well fields. According to data published in 2019, South Sudan ranks third on the list of the highest oil reserves in Sub-Saharan Africa. It has around 3.5 Million billion barrels, and most of the reserves are yet to be explored.
Market Trends, Drivers, Restraints, and Opportunities
Increasing oil capacity is expected to boost the South Sudan oil and gas market growth. Rising investment in the oil & gas industry is expected to propel the growth of the market. The COVID-19 pandemic hampered the growth of the market due to trade disruption across the globe. However, relaxation in international trade is anticipated to help the market recover soon. Rapid growth in the renewable energy is expected to create challenges for the market growth in the coming years.