Oil Revenue Management in South Sudan

Purpose: This article examined the framework for oil revenue management, oil sharing and oil for sustainable peace with a view to applying it in South Sudan. Methodology: Qualitative methodology was used. Purposive sampling of 100 respondents were used in the study which comprised of officials from the Ministry of Finance and economic planning, Ministry of petroleum, Members of parliament community activists and community members. Data was gathered from interviews, public available materials, articles and reports, and email exchanges. Findings: The study examined the sources of petroleum revenue to enhance assessment, structure of the legislation and institutions regulating the petroleum oil sector for efficient application. The study argued that prudent management of petroleum revenue should be measured through the indicators of transparency and accountability, sustainable development, sovereign wealth fund, low corruption level, socio-economic well-being, good health and sustainable environment. The study further argued that decrees for frequent removal of the finance ministers and bank of South Sudan governors contributes to lack of planning hence a further mismanagement of the oil revenues. Unique Contribution to Theory, Policy and Practice: The study therefore recommended streamlining the legislation and institutions, block revenue leakages and guarantee sustainable development. Revenue generated from petroleum oil resources should properly be utilized for socio-economic growth of the nation. The study urged the National Assembly to enact a statute that would harmonize the diverse legislation and institutions and cause them to operate strictly in accordance with the principles of good governance, transparency and accountability. On revenue sharing, the study proposes the adoption of the Alaska model by investing its petroleum revenue windfall in a Permanent Fund that will establish a basis for economic security in the long term.