South Africa Inks Oil Exploration Deal With South Sudan

South Africa signed a six-year deal for the exploration and production of oil in South Sudan, as part of a $1 billion investment in the conflict-torn nation's struggling oil industry.

The deal will see South Africa's state-owned oil company, Strategic Fuel Fund and South Sudan's Nile Petroleum Corporation, explore an area of 31,000 square km known as "Block B2".

Exploration will begin immediately, and is expected to continue for six years. South Sudan has an estimated 3.5 billion barrels of oil with only 30% of it being explored. 

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