South Sudan to honour oil contracts with India

Published April 30, 2011

JUBA, SUDAN (Commodity Online): India has now little to worry about the secession of South Sudan as the country has promised to deliver on the terms of the oil contracts signed by the two countries.

Reports showed that India is the third largest partner with regard to the oil trade of North and South Sudan combined. India’s ONGC Videsh Limited (OVL) possesses claim over numerous wells with a total of 160,000 barrels of production a day, of which 100,000 barrels of production comes from South Sudan.

India plans to maintain good relations with the newly formed South and North Sudan and also plans to assist the countries in activities including social, industrial and political. India had provided the countries with full support during the event of a referendum that was held in South Sudan during January 9. The referendum results showed 98.8 percent concurrence from South Sudan.

India has also decided to send a delegation comprising of members belonging to different disciplines to the countries to study and understand the scope and potential of the relation.

Reports showed that India invested one billion dollars in the hydrocarbon sector, which now equals $2.5 billion. Such positive developments are sure to keep India motivated to maintain and explore various opportunities in Sudan and the rest of Africa.

Find original article here.

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