South Sudan

=== Oil ===
The oilfields in South Sudan have been significant to the economy since the latter part of the 20th century. In 2023, oil constitutes more than 90% of state revenues.<ref name=":0" /> The country has the third-largest [[oil reserves]] in [[Sub-Saharan Africa]].<ref name="oil" /> However, after South Sudan became an independent nation in July 2011, southern and northern negotiators were not immediately able to reach an agreement on how to split the revenue from these southern oilfields.<ref>{{cite news|url=https://www.nytimes.com/2011/07/10/world/africa/10sudan.html?_r=1&hp=&adxnnl=1&pagewanted=2&adxnnlx=1310234502-5nvX4GUBg0fK28Wp4PYaEA|title=After Years of Struggle, South Sudan Becomes a New Nation|work=[[The New York Times]]|date=9 July 2011|first=Jeffrey|last=Gettleman|access-date=28 February 2017|archive-url=https://web.archive.org/web/20170222195809/http://www.nytimes.com/2011/07/10/world/africa/10sudan.html?_r=1&hp=&adxnnl=1&pagewanted=2&adxnnlx=1310234502-5nvX4GUBg0fK28Wp4PYaEA|archive-date=22 February 2017|url-status=live}}</ref>

[[File:Sudan Map Oelgas.png|thumb|upright=1.15|Oil and gas concessions in Sudan – 2004]]

It is estimated that South Sudan has around 4 times the oil deposits of Sudan. The oil revenues, according to the [[Comprehensive Peace Agreement]] (CPA), were split equally for the duration of the agreement period.<ref name="pulitzercenter.org" /> Since South Sudan relies on pipelines, [[oil refinery|refineries]], and [[Port Sudan]]'s facilities in [[Red Sea (state)|Red Sea]] state in Sudan, the agreement stated that the [[government of Sudan|government]] of Sudan in [[Khartoum]] would receive a 50% share of all oil revenues.<ref name="pulitzercenter.org">{{cite web|first=Rebecca|last=Hamilton|url=http://pulitzercenter.org/articles/southern-sudanese-say-independence-vote-will-improve-life|title=Southern Sudanese Independence: High Hopes, Huge Obstacles|publisher=Pulitzer Center|date=28 November 2010|access-date=21 December 2013|archive-url=https://web.archive.org/web/20140425010705/http://pulitzercenter.org/articles/southern-sudanese-say-independence-vote-will-improve-life|archive-date=25 April 2014|url-status=live}}</ref><ref name="hours">{{cite news|url=http://www.businessinsider.com/southern-sudan-independence-2011-7|agency=Business Insider|title=Oil-Rich South Sudan Has Hours To Choose Between North Sudan, China and the U.S|first=Vincent|last=Trivett|date=8 July 2011|access-date=9 July 2011|archive-url=https://web.archive.org/web/20110710020507/http://www.businessinsider.com/southern-sudan-independence-2011-7|archive-date=10 July 2011|url-status=live}}</ref> This arrangement was maintained during the [[Autonomous Government of Southern Sudan|second period of autonomy]] from 2005 to 2011.

In the run up to independence, northern negotiators reportedly pressed for a deal maintaining the 50–50 split of oil revenues, while the South Sudanese were holding out for more favourable terms.<ref name="hours" /> Oil revenues constitute more than 98% of the government of South Sudan's budget according to the southern government's Ministry of Finance and Economic Planning and this has amounted to more than $8 billion in revenue since the signing of the peace agreement.<ref name="pulitzercenter.org" />

After independence, South Sudan objected to Sudan charging US$34 per [[Barrel (unit)|barrel]] to transport oil through the pipeline to the oil terminal at Port Sudan. With production of around 30,000 barrels per day, this was costing over a million dollars per day. In January 2012, South Sudan suspended oil production, causing a dramatic reduction in revenue and food costs to rise by 120%.<ref>{{cite news|url=https://www.independent.co.uk/news/world/africa/happy-birthday-south-sudan-7912244.html|title=Happy Birthday South Sudan?|newspaper=[[The Independent]]|first=Ros|last=Wynne-Jones|date=7 July 2012|access-date=9 July 2012|archive-url=https://web.archive.org/web/20120709013201/http://www.independent.co.uk/news/world/africa/happy-birthday-south-sudan-7912244.html|archive-date=9 July 2012|url-status=live}}</ref> In 2017, [[Nile Drilling & Services]] became South Sudan's first locally owned and run petroleum drilling company.

[[China National Petroleum Corporation]] (CNPC) is a major investor in South Sudan's oil sector.<ref name="oil">"[https://www.reuters.com/article/us-southsudan-unrest-china-idUSBRE9BJ0FV20131220 China to evacuate South Sudan oil workers to capital] {{Webarchive|url=https://web.archive.org/web/20150924191913/http://www.reuters.com/article/2013/12/20/us-southsudan-unrest-china-idUSBRE9BJ0FV20131220|date=24 September 2015}}". Reuters. 20 December 2013.</ref> South Sudan's economy is under pressure to diversify away from oil as oil reserves will likely halve by 2020 if no new finds are made, according to the [[International Monetary Fund]] (IMF).<ref>{{cite news|url=http://farmlandgrab.org/post/view/19806|title=S.Sudan seeks food and farmland investments|agency=Reuters|date=23 December 2011|access-date=15 January 2012|archive-url=https://web.archive.org/web/20120121032826/http://farmlandgrab.org/post/view/19806|archive-date=21 January 2012|url-status=live}}</ref>{{Needs update|date=August 2023}}