Andrew Murugu, Head of Stanbic Bank South Sudan, was interviewed by CNBC Africa on the opportunities to be found in South Sudan, one of the world’s last remaining oil and gas frontiers, as well as the obstacles to development.
Murugu, who also spoke at the at South Sudan’s first dedicated energy event held last week in Juba, South Sudan Oil & Power, was adamant that there are still many opportunities to be had in the young country.
“This, as you say, was the first [event] that has been done on South Sudan soil, where the oil actually is,” said Murugu of South Sudan Oil & Power.
“In terms of how bankable the industry is, I think it is a very bankable industry. Crude oil remains a hot item for demand globally. I think the only challenge is really the financial markets development,” he continued.
South Sudan is expected to become the third-largest oil producer in Sub-Saharan Africa, as the country continues its efforts to boost oil and gas production in 2017 and 2018, with a goal to reach 290,000 barrels per day in 2018.
“There is still a significant amount of oil in the ground, not yet explored. So, in terms of bankability, I think it is very high,” Murugu said in the interview with CNBC.
Murugu was a key speaker on the Financing Projects in East Africa workshop on October 12 at South Sudan Oil & Power. The conference, commissioned and endorsed by the Ministry of Petroleum of South Sudan, featured keynote inaugural speeches from H.E. Vice President of the Republic of South Sudan James Wani Igga and H.E. Amb. Ezekiel Lol Gatkuoth, Minister of Petroleum. Panelists and presenters analyzed topics of vital importance to operating in South Sudan, including security, logistics, technology and investment.
The full interview with CNBC Africa can be seen here.