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Indian state energy giant ONGC has been hit the hardest of any foreign firm from the ongoing war in South Sudan. The firm’s output has been cut to zero, leading it last week to meet with the country’s oil minister in an attempt to engineer a swift restart.
ONGC is a key shareholder in South Sudan’s 85,000 b/d capacity Greater Pioneer Operating Company (GPOC) and the 12,500 b/d capacity Sudd Petroleum Operating Company (SPOC), with 25% and 24.125% respectively.
Although other firms have larger stakes – Chinese state firm CNPC at GPOC, and Malaysia’s Petronas at both – the impact for these two has been cushioned by also holding key stakes in Dar Petroleum, which accounts for all of South Sudan’s 160,000 b/d current output.
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