A minority
player in OPEC-member Nigeria said it was able to stimulate crude oil
production at one of its operating areas by about 15 percent.
Africa-focused San Leon Energy, which lists
its headquarters in London, holds a minority stake in oil mining lease
No. 18 onshore Nigeria. The company said
new boring at wells in the lease area increased gross production to around 61,000 barrels of oil per day.
"The well has now been temporarily shut in to
allow minor production upgrades and additional work-over operations, and
current gross OML 18 production is around 53,000 bpd," the company
stated.
Nigeria is exempt from an agreement crafted by
the Organization of Petroleum Exporting Countries to cut production
next month because of militant attacks on its oil sector. The managed
decline is aimed at bringing the market back to a reasonable balance
between supply and demand. An oversupplied market pushed crude oil
prices below $30 per barrel in early 2016.
Nigeria's oil sector is
the target of militants
frustrated with a government suspected of misdistribution of the oil
wealth. The nation's economy is in recession, with third quarter growth
shrinking by 2.3 percent year-on-year.
Nigeria reported to OPEC that its crude oil
production in November was near 1.8 million bpd, a 28 percent increase
from the previous month.
Elsewhere, San Leon said it was expecting new
production from at least two other Nigerian oil prospects during the
first half of 2017.
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