South Sudan’s economy is almost entirely dependent on oil exports from its 3.5 billion barrels of reserves. Most oil rigs were shut down or destroyed by the civil war. (AP Photo/Sam Mednick, File)
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Emboldened by a new peace deal, civil war-torn South Sudan says it will resume oil production in a key region next month to make up for more than $4 billion of revenue lost during years of fighting. South Sudan, with Africa's third-largest oil reserves, will renew drilling in northern Unity State for the first time since the fields were destroyed when the conflict began in late 2013, Oil Ministry officials told the Associated Press.Oil was central to South Sudan's potential when it won independence from Sudan in 2011 .South Sudan's government is optimistic about the resumed production, even attributing the peace deal signed early this month to the country's reserves.As part of the initial agreement when South Sudan gained independence, Sudan was entitled to more than $3 billion of oil revenue, $1.2 billion of which is still owed, South Sudan's Oil Ministry said.
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