The Equatorial Guinea and South Sudan seal oil deal

South Sudan and Equatorial Guinea on Monday unveiled an oil and gas partnership. The deal was announced in Juba following the visit of the Equatorial Guinea oil minister, Gabriel Mbaga Obiang Lima.

South Sudan Oil minister Ezekiel Gatkuoth Lol in a press statement said that the new deal will pave the way for information exchange between the two countries.

According to him, Partnership is what fuels the oil industry, adding that South Sudan is proud to share its experiences with Equatorial Guinea, and to learn from the great work of a fellow African producer.

Lima praised South Sudan for the new deal, stating that sharing of expertise between the two countries was vital.

He said the agreement signaled their dedication to investing in the sector as a driver for South Sudan’s growth.

“The sharing of resources and knowledge between African oil and gas countries is critical.Going forward, Equatorial Guinea will work closely with South Sudan for the benefit of the people and national economies,” he said.

South Sudan was working to more than double oil output to 290,000 barrels per day.

The young nation has relied on oil revenue to fund its projects since its independence in 2011.

The economy of the country was currently facing collapse after the outbreak of war in 2013.

Equatorial Guinea is nearing the close of its EG Ronda 2016 licensing round.

The EG Ronda will conclude at the Africa Oil & Power 2017 conference in Cape Town, South Africa where South Sudanese President Salva Kiir will deliver a keynote address and the ministers of both nations will meet investors and promote their oil and gas industries and projects.