South Sudan says talks with Kenya on crude oil pipeline progressing well Platts Kampala, 15/8/2012 – South Sudan has said that it held fruitful discussions with Kenya on the the South Sudan-Kenya crude pipeline, a statement posted on late Monday on the South Sudan government website said. According to the statement by South Sudan's minister of energy and minerals development Stephen Dau the two governments are in the process of formulating an inter-governmental legal framework that will provide for implementation of the project that will allow South Sudan to export its oil via the Kenyan port of Lamu, easing its reliance on its northern neighbor's pipelines to Port Sudan. "The areas of cooperation include the development of a crude oil pipeline between the oil fields of South Sudan and port of Lamu in Kenya," Dau said. Want to know what are the core market trends in the global oil markets in 2012? Listen to Platts senior editors talk about what are the core market trends in the global oil markets on 29 August at Platts Oil Forum, Mumbai during our inaugural Platts Commodity Week, India. South Sudan reached an interim deal earlier this month ending the row that led to the shutdown in January of southern oil production. South Sudan has since said it could resume oil production in September. Under the agreement, South Sudan has agreed to pay $9.48-$11/b for the use of Sudan's two pipelines. The three-and-a-half-year agreement offer also includes a financial package of $3.2 billion to help cover Sudan's budget gap caused by oil revenue losses when the south became independent and took some 80% of Sudan's oil wealth. Oil is essential to both economies and makes up 98% of South Sudan's budget. The South Sudan-Kenya oil pipeline is projected to cost at least $ 3 billion. South Sudan has at least seven billion barrels of proven oil reserves.
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