Sudan oil revenues reach $536 mln last October

December 2, 2007 (KHARTOUM) – Oil revenues in the country last October reached 536 million, its highest rate since the beginning of petroleum production in the Sudan, the official SUNA reported.
Sudan’s oil revenues of last October registered the highest rate since the beginning of petroleum production, where it registered 536 million dollars, 419.4 million dollars of which from exports return and 116.6 million dollars as the proceeds of the domestically used petroleum.
The increase of the revenues is attributed to the rise of the Dar Field production alongside receiving of three shipments of last August exports revenues.
Undersecretary of the Ministry of Finance and National Economy, al- Sheikh al-Mak pointed out that the share of the Government of Southern Sudan (GoSS) of the oil revenues was 208.3 million dollars of which 172.4 million dollars of exports and 35.9 million dollars of the locally used oil, adding that GoSS received 178.3 million dollars represents the total of direct remittances from the centre.
He made these statements following a regular meeting of the Joint Committee for Oil Accounts, which includes the National Government and Government of Southern Sudan.
The committee reviewed production position, prices, domestic use and exports and sharing of the return in accordance with the provisions of wealth-sharing of the Comprehensive Peace Agreement (CPA).
The committee also reviewed the Oil Revenues Stabilization Account (ORSA) which registered 153.8 million dollars in last October and the share of oil producing states which amounted to 9.56 million dollars; 3.45 million dollars for the Unity State, 4.04 million dollars for Upper Nile State and South Kordofan State 2.07 million dollars.
According to the national wealth sharing protocol, signed on 7 January 2004 by the government of the National Congress Party and the SPLM, at least 2.0 pct of the oil revenue is allocated to the oil-producing states in proportion to their output.
After the payment to Oil Revenue Stabilization Account and to the oil producing states/regions, fifty percent (50%) of net oil revenue derived from oil producing wells are allocated to the Government of Southern Sudan and the remaining fifty percent (50%) to the National Government and states in northern Sudan.