East African bloc IGAD on Thursday urged South Sudan to channel oil revenue towards the implementation of a peace deal signed by warring parties in September 2018.
Tesfaye Negassa, head of Inter-Governmental Authority on Development (IGAD) Juba Liaison Office, said that revenue generated from the export of oil can be used to finance post-conflict reconstruction underway in the world's youngest republic.
"Revenue generated from the sale of oil in the overseas market should be harnessed to support the implementation of a peace deal that will pave way for long-term stability and economic growth in South Sudan," said Negassa.
He spoke at a high-level energy forum that was attended by senior policymakers, diplomats and business executives to discuss the role of hydrocarbons in fostering growth, peace and stability in South Sudan
Kalonzo Musyoka, Kenya's special envoy to South Sudan, urged warring parties to demonstrate the commitment to peace, good governance and cohesion as the country gears up for the formation of unity government.
"South Sudan cannot afford to squander the opportunity to realize peace and long-term stability. The country can utilize abundant natural resources like oil and gas to promote peacebuilding," said Musyoka.
South Sudan in August made a new discovery in the Adar oil field in Block 3 that contains more than 37 million barrels of recoverable oil.
The discovery was announced by the Dar Petroleum Operating Company, a consortium led by China National Petroleum Cooperation.
South Sudan is one of the most oil-dependent countries in the world, with the commodity accounting for more than 40 percent of its gross domestic product (GDP) based on statistics from the World Bank.
Editor:Cherie
