South Sudan Invites Saudi Arabia to Explore 23 New Oil Fields

NilePet Managing Director Chol Deng Thon Abel, Asharq Al-Awsat
NilePet Managing Director Chol Deng Thon Abel, Asharq Al-Awsat
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South Sudan Invites Saudi Arabia to Explore 23 New Oil Fields

NilePet Managing Director Chol Deng Thon Abel, Asharq Al-Awsat
NilePet Managing Director Chol Deng Thon Abel, Asharq Al-Awsat

Managing Director of Nile Petroleum Corp (NilePet) Chol Deng Thon Abel urged Saudi companies in general and oil giant Aramco to invest in South Sudan. The call aims to strengthen economic, investment and trade cooperation between Riyadh and Juba.

Abel revealed the Juba government’s plan to attract foreign investment by establishing approximately 23 new exploration areas.

The NilePet managing director stressed the importance of cooperation between Juba and Riyadh in the field of the oil industry, because of Saudi Arabia’s field leadership and extensive worldwide experience in oil exploration and production.

Abel noted that oil exploration and production began in the first half of the twentieth century, noting that the Kingdom accumulated extended experience for nearly a century.

Saudi Arabia has acquired full knowledge of all technical requirements in terms of training human cadres and equipping the necessary technology in the oil industry.

“Given the recent experience of South Sudan in the field of oil exploration and production, it is in dire need of technical assistance,” explained Abel, adding that the help can be achieved through the Kingdom’s oil companies investing in the South Sudan oil sector.

He revealed that the area in which technical surveys were carried out do not cover more than 10% of the country.

Regarding imminent conclusion of partnerships or agreements between South Sudan and Saudi Arabia in the oil sector, Abel explained that there is a firm desire on both sides to benefit from the Kingdom’s experiences, especially in light of the policy of openness pursued by the Kingdom under the leadership of the Custodian of the Two Holy Mosques King Salman and the Crown Prince Mohammed bin Salman.

“As managing director of NilePet in 2020, I sent a letter to Aramco's CEO urging them to enter into oil investment in South Sudan and to provide training for the national cadre in South Sudan... However, the spread of the coronavirus pandemic prevented this from moving forward,” said Abel.

Regarding Juba’s plan for operating oil fields in a manner that guarantees increased production, Abel explained that the general strategy is based on attracting foreign direct investment in order to bring new fields into operation in cooperation with new investors.

He noted that NilePet also attaches great importance to introducing modern technologies and improved or enhanced methods for extracting oil in cooperation with international companies in the field.



Euro 2024 Tourism to Bring 1$ Billion to Germany, Study Shows 

The words "Welcome to Berlin" can be read shortly before sunrise on a display in the fan zone (Platz der Republik) against the backdrop of the Reichstag and the TV tower in Berlin on Friday, June 14, 2024. (dpa/AP)
The words "Welcome to Berlin" can be read shortly before sunrise on a display in the fan zone (Platz der Republik) against the backdrop of the Reichstag and the TV tower in Berlin on Friday, June 14, 2024. (dpa/AP)
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Euro 2024 Tourism to Bring 1$ Billion to Germany, Study Shows 

The words "Welcome to Berlin" can be read shortly before sunrise on a display in the fan zone (Platz der Republik) against the backdrop of the Reichstag and the TV tower in Berlin on Friday, June 14, 2024. (dpa/AP)
The words "Welcome to Berlin" can be read shortly before sunrise on a display in the fan zone (Platz der Republik) against the backdrop of the Reichstag and the TV tower in Berlin on Friday, June 14, 2024. (dpa/AP)

Germany, the host of Euro 2024, can expect a 1 billion euro ($1.07 billion) boost to its economy thanks to foreign tourists traveling to the country for the soccer games, the ifo institute forecasts.

This corresponds to about 0.1% of economic output in the second quarter of the year, with Germany´s hospitality and food retail sectors set to benefit the most from the games, the country's top economic research institute said.

"However, the effect is only short-lived, so that exports of services due to returning tourists are likely to fall again after the end of the European Championship in the third quarter and remain the same on balance," ifo researcher Gerome Wolf said.

More than an additional 600,000 foreign tourists and 1.5 million additional overnight stays are expected during the Championship, according to the institute's calculations based on the numbers from the FIFA World Cup hosted by Germany in 2006.

The German Economy Ministry also expects a temporary upturn in consumer-facing sectors after very subdued retail sales this year, but not to the same extent as during the 2006 World Cup.

Experts agree that the overall effect of the Euro 2024 on Europe’s largest economy also depends on how the German national team performs in the tournament.

Their match against Scotland will kick off the tournament on Friday evening.