S&P Global noted in April 2023, South Sudan’s oil reserves are estimated at 3.5 billion barrels. Wildcat Petroleum Plc have always targeted a deal in Sudan as their top priority to gain access to the rich Sudanese oil fields.
Surging domestic energy demand has led China to diversify its natural resources imports and the upstream footprint of China’s NOCs has increased substantially to nearly 20 African countries,” says Coa Chai.
One of China’s largest trade partners is Africa’s largest oil producing nation, Nigeria. Nigeria currently pumps 2 million barrels of oil a day and has a goal of producing 3 million barrels per day by 2023. As China’s domestic oil production continues to decline, experts predict that in the next 15 years up to 80% of China’s crude oil supply will be imported.
Wildcat Petroleum plc (LON:WCAT) was incorporated in early 2020, with plans to work and invest in the upstream sector of the petroleum industry – namely exploration, appraisal, development and production of oil and gas.