Petroleum hedging

South Sudan said Monday it has hired an international firm Alex Stewart International to undertake financial and environmental audit of the petroleum sector in the country.

Caesar Oliha Marko, deputy chairperson for the oversight committee to oversee implementation of the audit revealed that the U.S. based firm will audit production and sale of crude since the independence of South Sudan in 2011.

“Alex Steward International is expected to avail accurate information relating to petroleum resources to enable the government reconstitute and empower the National Petroleum and Gas Commission in accordance with the Revitalized Agreement on Resolution of Conflict in South Sudan of 2018,” Oliha told journalists after meeting with oil companies in Juba.

The oversight committee was established following the presidential decree on Feb. 18 this year.

In January 2020, the ministry of petroleum announced a tender targeting competent international companies to bid to undertake environmental audit in the oil producing northern Upper Nile, Unity states and the newly created Ruweng Administrative Area.

The audit will also recommend measures to minimize loss and waste of petroleum resources in the course of extraction, processing, transportation and exportation.

In addition, it aims to ensure that exploitation of petroleum resources is conducted in a manner that minimizes harm to both the natural environment and livelihoods.

“We have heard about children born with deformities and we are yet to establish real findings to prove it true and if it is true, someone will be held accountable for it and that is why someone has to do work to prove it scientific to us,” said Oliha.

He disclosed that the audit will commence as soon as the government approves the auditing plans.

South Sudan depends 98 percent on oil revenue to finance its fiscal expenditure. Enditem

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