World’s newest nation south Sudan holds huge oil reserves

World’s newest country came into existence Saturday as the new Republic of South Sudan, an under-developed oil producer, became the world's newest nation on the stroke of midnight.

It became the third largest oil reserves holder in Africa after Nigeria and Angola and also holds vast untapped potentials, including uranium, Gold and diamond.
All energy hungry nations are now eagerly waiting to tie up with the new nation. World’s rapidly improving economy, India said it will attach high priority for cooperation in the hydrocarbon sector with the new nation.
Visiting india vice president Hamid Ansari said "We have a roadmap. Hydrocarbon sector is a priority. We are looking for energy resources all over the world".
"There will be bilateral discussions. As the new government in Juba settles down, we will be in the position to identify specific areas and projects for cooperation and where we can work together," he said.
According to experts, South Sudan has the capacity to feed the entire population of Africa provided it develops agriculture sector optimally.
Massive investments are also expected to be made in the new country for building railway, airports, roads, bridges, low-cost housing and hospitals.
While the US is leading in assistance for development from the international donors, China is reported to have undertaken building of roads, highways, schools and hospitals in the new country.
Asked if India was looking forward to having accords with South Sudan in the hydrocarbon sector, a senior MEA official said in New Delhi earlier that the two sides have discussed the issue as India has substantial interest in that regard.
On ONGC Videsh Limited being involved for oil and gas exploration in the new country, he said, "They are actively engaged towards that.
Source: Commodity Online