Title: Sudan to drill more than 250 oil wells in the coming year
Author: SudaneseOnline News
Date: 12-17-2014, 03:53 PM
December 17, 2014-Khartoum-SudaneseOnline- Sudan's Oil Minister, Makawi Mohammed Awad disclosed on Tuesday that Sudan would drill more than 250 wells in the coming year which aim to boost its energy reserves by 65.4 million barrels of oil and 300 billion cubic feet of gas
Sudan's inflation rate has neared 50 per cent at times in the past year, after Khartoum slashed costly fuel subsidies that much of the population relied on.
South Sudan's independence and Sudan's production loss was devastating to Sudan's economy. It resulted in the loss of 55% of the Sudan's fiscal revenues and about two-thirds of its foreign exchange earnings, according to the International Monetary Fund (IMF). Sudan's crude oil export revenues fell from almost $11 billion in 2010 to just under $1.8 billion in 2012.
Oil still plays a vital role in the economies of both countries, albeit to a lesser extent in Sudan. According to the IMF, oil revenue accounted for 27% of Sudan's total government revenues and grants in 2012, down from nearly 60% two years prior. Oil represented 98% of South Sudan's government revenue after the country became independent, although that share is unclear in more recent years because of the frequent disruptions to the country's oil production.