RealNews

Halt to civil war brings possible oil prosperity

Sudan offers huge reserves, chance for profit. An agreement to end two decades of civil war in Sudan not only brings the opportunity for millions of people to return home and begin new lives, but it also gives investors an opening in a needy country with large oil reserves. Experts predict oil and gas companies will rush in to expand Sudan’s oil production from the 345,000 barrels a day recorded in June 2004. The country has proven reserves of 635 million barrels, much of which couldn’t be accessed during the war because of fighting. The United States has enforced sanctions against Sudan for being a state sponsor of terrorism, but in the run-up to the peace agreement, Secretary of State Colin Powell promised that an end to fighting in southern Sudan would speed up the normalization of relations. The U.S. government has also made it easier for major companies to get exemptions from the sanctions. U.S. oil companies have recently begun to show interest in Sudan’s undeveloped oil fields. Full Story

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