South Sudan Oil Revenues Collapse

Official South Sudan data obtained by MEES shows oil revenues – almost the sole source of income – collapsing to just $40mn/month, covering a mere 16% of budget spending.

The government of South Sudan generated just $984mn from crude sales in the 2014-15 financial year, down by almost 40% on the previous year’s $1.59bn takings, according to a Ministry of Petroleum report seen by MEES.

Crude marketed by the government amounted to a total of $2.39bn, but once payments to Sudan for use of its oil infrastructure, sales by state oil company Nile Petroleum (Nilepet) and loan repayments made in crude are taken into account, the treasury received just 41% of that sum (see table 1).

Monthly government earnings from oil of an average $82mn are well short of that required to sustain budgeted spending of almost $250mn a month in the 2014-15 financial year, running from 1 June to 31 May. The government has stated an ambition to increase non-oil sources of income, but war has put paid to such plans, and crude oil sales still account for the vast majority of national income. (CONTINUED - 2074 WORDS)

DATA INSIDE THIS ARTICLE

chart South Sudan: Export Volumes Down, Revenues Down More...
chart ...With South Sudan's Net Take Falling Below $50mn/Month
table 1: Government Crude Marketing, 2014 - 2015*
table 2: South Sudan Crude Production (‘000 B/D)
table 3: South Sudan Oil Export Fees ($ / Barrel)
table 4: South Sudan Government Payments To Sudan, June 2014 - May 2015 ($)
table 5: South Sudan Official Oil Reserves (Mn Barrels, As Of 1 Jan 2015)