Increasing production for 1997 in Nigeria

Jan 29, 1997 01:00 AM

Around eight new oil fields are being planned for production this year by Chevron Petroleum Nigeria and Elf Petroleum Nigeria. The oil fields include Amenam and Andobite/Ogon in Elf leases, as well as Ewan, Gbokoda, Dibi, Opolo and two others by Chevron. Mobil Nigeria also expects to increase its current production capacities this year. Last year, the companies exceeded their various projections, despite financial problems brought about by the mid-year cut in the operating budget of joint-venture firms. For instance, Mobil surpassed its target of 518,000 bpd, while output by Chevron and Elf rose to an average of 401,000 bpd and 124,000 bpd, respectively. Chevron's daily production for last year represented a daily increase of 17,000 barrels above 1995 average output of 384,000 bpd. Proven oil reserves discovered by Chevron was said to have risen significantly last year, while Elf Petroleum replenished its reserves through exploration and reservoir engineering. Officials said significant progress was also made in areas such as gas flaring reduction programs, exploration activities in the frontier basins, as well as in environmental protection and safety. Elf has started gradual transformation from oil production to oil and gas production. It told that "current plans are to reduce our flaring to 20 % of today's level by the year 2002".

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