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Discussion Starter · #1 ·
Oil will play a rising importance in Africa´s future development as the big African oil producer such as Nigeria (4.5 million barrels of oil in 2010), or Algeria or Angola (up to 2 million barrels of oil at the end of 2007) or Lybia will significantly raise their outputs. Smaller oil producers such as Gabon, Egypt or Equatorial Guinea still harbour some potential, too.

Moreover, there are newcomers in the club like Mauritania, Sudan and Côte d´ivoire (which will produce its first oil shortly).

Oil and gas drillings are under way in Namibia, South Africa, Mozambique and Kenya.

Morocco might have some oil and Mali, too.

So I want to create Africa´s oil thread where we can post all the news on oil/gas discoveries, drillings, potential etc. which are happening on the continent. :cheers:
 

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Discussion Starter · #2 ·
Morocco has signed three exploration contracts with three international oil companies from Cyprus, Canada and Malaysia, MAP news agency reported.




The agreements were signed, on the sidelines of the 4th conference "Maghreb & Mediterranean Oil and Gas 2006" in Marrakech, by Amina Benkhadra, general director of the National Office of Hydrocarbons and Mines (ONHYM), with the representatives of Cabre Maroc Ltd (Cyprus), Transatlantic Maroc Ltd (Canada) and Genting Oil Morocco Ltd (Malaysia).

These bring the number of agreements signed with ONHYM in the mining sector to 17 agreements and six reconnaissance contracts in collaboration with 20 partners.

The contracts cover a total area of 237,195,40 km2, providing for four exploration concessions, 85 research permits (14 onshore and 71 offshore) and six onshore reconnaissance authorisations.

The Minister of Energy and Mining, Mohamed Boutaleb, invited on Wednesday international oil companies to benefit from morocco's potentials.

“Morocco, with its 350,000 km2 of sedimentary basins, constitutes an interesting and practically virgin zone for oil drilling,” he underlined.

“Although we are satisfied with the quality of cooperation with the oil companies operating in Morocco at present, our subsoil is still under-tapped,” he added.
 

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Discussion Starter · #3 ·
Fourth firm joins hunt for oil in Mali desert

01.07.05 1.00pm

Mali has given a fourth international company the right to hunt for oil under its northern desert as the impoverished nation seeks to match neighbours Algeria, Mauritania and Niger by striking crude.

The government said in a statement it had awarded Australian firm Sphere Investments Ltd the rights to explore one block in the Gao region, near the border with Niger and Algeria, and one in the Taoudeni basin, which reaches into Mauritania.

Sphere said on its website the two blocks -- awarded to its 95 per cent owned subsidiary Mali Petroleum S.A. -- covered a total surface area of 64,300 square km.

"Mali Petroleum pledges to carry out various research projects and to drill a well on each of these two blocks over the next four years, at an investment cost of US$24.2 ($35.02) million," the government statement said.

Production from West Africa is expected to rise sharply in the next decade as foreign investment floods in and leading producers Nigeria and Angola massively boost production.

Among new finds, much of the increase is expected to come from deepwater fields in the Gulf of Guinea. But the Atlantic coast further north and new reaches of the Sahara desert are also becoming hives of exploration activity.

Mauritania, due to produce its first oil next year, said on Wednesday it could have significant reserves under its eastern desert, part of the same Taoudeni basin which runs into Mali.

Chinese state-run oil and gas firm Sinopec Corp struck an exploration deal with Mali last October, the same month Australian company Baraka Mali Ventures Limited also signed an agreement to start searching for crude.

Fellow Australian firm Trans Ocean Securities was awarded rights in June to explore a block in the Gao region, pledging to invest US$10.4 million in the project, the government said.


The government said on Thursday that economic growth would rise to 7.1 per cent in 2005 due to higher gold production, better rains boosting agricultural output and a diminished threat from locust swarms which devastated last year's harvests.
 

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Discussion Starter · #4 ·
Posted to the web on: 19 May 2006

Nigeria lures Asian investors with oil rights

Reuters


LAGOS - Nigeria sold 16 oil licences on Friday in return for promises by mostly Asian investors of $20bn in new infrastructure, in a public sale that raised questions about transparency.

Chinese and Indian companies dominated the winners’ list, but several Nigerian firms also secured drilling rights in the deep water areas, many of which are close to big oilfields.

On top of bids totalling $500m, which should be paid when the contracts are signed, the winners promised to invest about $20bn in oil refining, power generation, agriculture and railways in the African oil giant.

The appearance of several unknown or inexperienced Nigerian companies among the winners, and some questionable bidding, raised concerns over the transparency of the process.

Transcorp, a new Nigerian company set up last year by a group of corporate moguls with the blessing of President Olusegun Obasanjo, bid on four blocks but failed to produce a supporting bank draft.

"419!" shouted several assembled executives, referring to a section of the Nigerian criminal code on fraud.

The licensing comes at a time of heightened political uncertainty in Nigeria with landmark elections due next year when Obasanjo must step down.

"In the same way that Obasanjo had a long hard look at the deals made at the tail end of the previous military administration, there is every reason to think that a new government next year would look at these if there is any controversy associated with this process," said Anthony Goldman, an independent risk analyst based in London.

Most of the blocks were unused portions of earlier licenses which were relinquished by major oil companies, some of which have seen billion-barrel oil finds.

India’s ONGC exercised its right of first refusal over a hotly contested block 279, taken from an area where ExxonMobil found the giant Erha oilfield, and matched a contested Transcorp bid of $75m.

They also bagged block 285, a relinquished part of Shell’s Bonga oilfield licence.

ONGC in consortium with Mittal Steel has agreed to spend $6bn on building a new 180,000-barrel-a-day oil refinery, 2,000 megawatts of power generation, and a railway running East-West across Nigeria.

State-run China National Petroleum Corp walked away with four licences for a total of $16m in bids.

The Chinese government has committed to investing $2bn in a refinery in the northern state of Kaduna.

Britain’s BG Group and Sahara Energy secured rights to block 286, a discarded part of the licence where Chevron co-discovered the Bonga Southwest/Aparo oilfield.

Transcorp was named the winner of two blocks despite not having the required bank draft.

The government also used the licensing to address civil unrest in its oil heartland by reserving one block for a collection of "youth groups" — a local term for militants - who would reinvest any of their profits into local development.

"We decided it was right for us to give them rights on blocks that are relatively easy to exploit. We as the government are going to help them," said Tony Chukwueke, head of Department of Petroleum Resources,

Militants demanding more control over their resources have attacked the oil industry in the Niger Delta, cutting the OPEC nation’s exports by a quarter since February.

Another in-house deal was the award of block 289 to Clearwater, owned by the southern state of Rivers, in return for a promise to invest $1,5bn in power in its own state.

A joint-venture of Nigeria’s Jigawa state government and an unnamed Canadian investor secured two blocks including 292, taken from a licence containing Chevron’s giant Agbami oilfield.

They pledged investment of $4bn in an ethanol project based on a 300-hectare sugar plantation in northern Nigeria.

Analysts said it was questionable whether these Nigerian companies had the financial or technical ability to explore for and produce oil in deep water.
 

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Discussion Starter · #6 ·
Nigeria: Exxonmobil Makes Deepwater Discovery Offshore

Daily Trust (Abuja)

May 18, 2006
Posted to the web May 18, 2006

ExxonMobil's subsidiary, Esso Exploration and Production Nigeria Deepwater West, Ltd. (Esso), has drilled an oil discovery in Oil Prospecting License (OPL) 214, approximately 70 miles (113 kilometers) offshore Nigeria.

The Uge-1 discovery well was drilled in 4,144 feet (1,263 meters) of water to a total depth of 16,831 feet (5,130 meters) and encountered more than 300 net feet (100 meters) of oil. The Uge structure is located approximately 90 miles (145 km) south-southeast of the Erha deepwater development. Studies and data analyses are under way to fully evaluate the discovery and development options for Uge. Transocean's drillship, Deepwater Pathfinder, drilled the well.

Esso is the operator of OPL 214 with a 20 percent working interest. Other working-interest owners are Chevron Nigeria Deepwater B Limited at 20 percent, Phillips Deepwater Exploration (Nigeria) Limited (a subsidiary of ConocoPhillips) at 20 percent, Oxy Nigeria Exploration & Production Limited (a subsidiary of Occidental Petroleum Corporation) at 20 percent, Nigerian Petroleum Development Company at 15 percent, Sasol Exploration and Production Nigeria Limited at 5 percent and Nigerian National Petroleum Corporation (NNPC) is the concessionaire. Uge-1 represents the first discovery on the license.

ExxonMobil is a leader in the discovery and development of deepwater hydrocarbon resources in West Africa, where it has interests in 17 blocks totalling more than 10 million gross acres. The company has a leading position in nearly all the major exploration and production areas in the world and the industry's strongest portfolio of proprietary geosciences and engineering technology.
 

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Discussion Starter · #7 ·
ONGC-Mittal combine wins 2 blocks in Nigeria

Press Trust of India

New Delhi, May 19, 2006



ONGC Mittal Energy Ltd (OMEL), the joint venture between Oil and Natural Gas Corporation and LN Mittal Group, has won two blocks in Nigeria, the latest oil and gas hot spot of the world.

The ONGC-Mittal combine has won two oil blocks, Numbering 209 and 212, company sources said.

The OMEL was to have first right of refusal over three blocks, including part of block 209 where ExxonMobil discovered the giant Erha field.

In return, the consortium would commit to invest $6 billion in a new 180,000 barrel per day refinery, 2,000 megawatts of power and an east-west railway.

Global Steel, also of India, has rights over block 281 in return for commitments to build a $1.8 billion compressed natural gas plant.

ONGC Videsh has part of block 218, where Stat Oil has discovered both oil and gas, as compensation for its loss of a share in two highly prospective blocks it lost due to a dispute with Korea in a licensing round last year.

The Nigerian government had earlier promised that OMEL would be awarded blocks without pledging investments in Nigeria's infrastructure as a special case.

OMEL had assured investments up to $6 billion in power and rail infrastructure.

The special dispensation for OVL follows intervention by Prime Minister Manmohan Singh last time around when OVL lost out on a potential block to Korean National Oil Company due to a last minute policy change by Nigeria.
 

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Discussion Starter · #8 ·
Mauritania plans four-fold oil production increase

02-05-06 Mauritania is to increase its oil production four-fold in the next two years, Colonel Ely Ould Mohamed Vall, head of the country's ruling Military Council for Justice and Democracy, said.
Vall, who started a countrywide tour, was speaking in the city of Kiffa, 600 km east of Nouakchott.

Mauritania entered a partnership with an oil company, Woodside, to exploit the Chinguetti oil field, located 65 km off Nouakchott in the Atlantic Ocean.
The oilfield's initial production is set at 75 000 bpd a day.

Source: www.businessinafrica.net
 

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Discussion Starter · #9 ·
Angolan Premier calls for strengthening of African Oil Producers' body

29-04-06 Angolan Prime Minister Fernando da Piedade Dias dos Santos has called for the strengthening of the Association of Petroleum Producers of Africa (APPA) to make it a strategic institution, which is able to guarantee a solid union and pacification of African peoples.
Fernando da Piedade made this appeal while addressing the opening session of the 23rd Ministerial Conference of African oil producing countries, at the newly-built Talatona Conventions Centre in Luanda.

It is necessary to promote initiatives and common projects in policies and management strategies in every field of the oil industry, enabling the member countries to take out better dividends from the activities of oil exploration, said the premier.
Fernando da Piedade said that taking into account that the west coast of Africa is one of the world’s biggest places in exploration and production of hydrocarbons, it is imperious to exploit this potential in order to strengthen cooperation and economic development among these countries.

APPA, created in 1987, binds Angola, South Africa, Algeria, Benin, Cameroon, the two Congos, Ivory Coast, Egypt, Gabon, Equatorial Guinea, Libya, Nigeria and Chad.

Source: PIN/Xinhua
 

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Discussion Starter · #10 ·
Libyan oil sector set to boom

Web posted at: 5/17/2006 2:21:0

Source ::: REUTERS

WASHINGTON • The United States’ move on Monday toward normalised relations with Opec member Libya should help the African nation in its quest to expand its crude oil production capacity, experts said.

Culminating a years-long rapprochement, Washington will reopen an embassy and remove Libya from a list of state sponsors of terrorism, rewarding the longtime pariah nation for scrapping its weapons of mass destruction programs.

Libya produces about 1.6m barrels per day of crude oil, which puts it toward the rear of the pack of Opec’s 10 members. Led by the one-time US antagonist Muammar Gaddafi, Libya badly needs foreign investment in its energy industry, estimated at about $30bn. Libya has not pumped above 2m bpd of oil since the 1979 oil price shocks.

The lifting of sanctions will make it easier for US companies to ship in high-tech gear that could breathe new life into Libya’s fields, many of which have languished from two decades of underinvestment and neglect.

So-called enhanced oil recovery projects on existing fields are one of international majors’ best chances to play a role in boosting Libya’s capacity in the near term, experts said.

“The quickest return we are likely to see is the acceleration of negotiations on enhanced oil recovery from Libyan oil fields which can bring new supplies to the market in the next two or three years,” said David Goldwyn, an energy consultant and former government official.

“The normalization of diplomatic relations will mean that the export of these enhanced recovery technologies should happen,” echoed Charles Esser, an analyst at the US Energy Information Administration.

Technologies used to boost crude oil flows by injecting steam or other liquids deep into underground oil reservoirs, as well as techniques for drilling horizontally, could see an uptick in Libya, Esser said.

For example, sagging production at the El Bouri oilfield off Libya’s western coast—its largest producing oilfield—could be revived with such equipment, the EIA said.

El Bouri produces about 60,000 bpd of oil, less than half of its 1995 output, mainly because of an inability to import enhanced oil recovery equipment, the EIA said.

Ali Aujali, chief of the Libyan Liaison Office in Washington, said lifting sanctions will put US oil companies on an equal footing with other international oil firms competing for the rights to drill in Libya.

“All the oil companies need the full relations between the two countries because there are still some restrictions on certain technology the American countries need very badly to use in Libya,” Aujali told Reuters. “Now I think they can compete with the other companies and they can go ahead with their job in Libya.”

US oil companies like Marathon Oil Corporation, ConocoPhillips and Amerada Hess Corp. which returned to Libya last year after a 19-year absence, will face less red tape to ship oil field gear to Libya, Goldwyn said.

“That will be a big help to them, just getting basic equipment over there,” Goldwyn said. It will also be easier for US executives to obtain visas to travel to Tripoli to negotiate oil deals. he said. Though some so-called duel-use items like explosives and pipes used in oil drilling will likely still be licensed by US officials, “the basic nuts and bolts of the oilfield operations equipment” will be easily shipped, he said.

Libya has targeted output of 2m bpd by 2008 and around three million bpd in 2015, up from output now of around 1.6m bpd. The biggest step in boosting US-Libyan trade came in 2004, when the United States ended a broad trade embargo that started in 1986, said Kathleen Little, a partner at Vinson and Elkins LLP, a law firm that advises clients in Libya.

But Monday’s move will reshape the way that US oil firms both big and small view Libya, said Stephen Davis, also with Vinson and Elkins.
 

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Discussion Starter · #11 ·
Chevron hits oil at new huge field off Nigeria
Posted Thu, 18 May 2006

LAGOS - US energy group Chevron reported on Wednesday an exploration success at a new oilfield off Nigeria to increase exports from Africa's biggest crude producer.

"Chevron Nigeria Deepwater B Limited and its partners have drilled the first oil discovery in Oil Prospecting License (OPL) 214, approximately 70 miles (113 kilometres) offshore Nigeria," a company statement said.

"The Uge-1 discovery well was drilled in 4,144 feet (1,263 metres) of water to a total depth of 16,831 feet (5,130 metres) and encountered more than 300 net feet (100 metres) of oil," it said.

Chevron International Exploration and Production President John Watson welcomed the discovery.

"The discovery is a further demonstration of how we are achieving superior success from a focused and high-impact exploration programme," he said.

Chevron is a major oil operator in Nigeria, accounting for around one-third of the country's daily exports of 2.7 million barrels.

Nigeria hopes to boost output to more than four million barrels in the next few years by developing new oilfields in the Gulf of Guinea.

AFP
 

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AFX News Limited
Repsol YPF discovers new gas well in Algeria UPDATE
05.16.2006, 11:24 AM

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(updating with Edison comment)

MADRID (AFX) - Repsol YPF SA said it has discovered a new gas well in Reggane Nord in the Algerian desert.

In a statement, the Spanish-Argentine oil and gas group said the new discovery tested at a depth of 3,983 meters with a preliminary production rate of 763,000 m3/day, and at 2,360 meters with a gas flow of 483,000 m3/day.

This is the first time that gas has been found at the carboniferous level in this basin, it said, noting that the discovery confirms the potential for the gas being commercialised in 2008.

Repsol YPF leads the consortium which won the contracts to explore these blocks in Algeria in 2002.

In a separate statement, Edison SpA said the consortium also includes itself, RWE Dea and Algeria's Sonatrach.

The exploration programme in this area for 2006-2007 includes the drilling of a further eight wells, of which two will be this year, as well as the gathering of further seismic data, Edison said.
 

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Russia's Stroitransgaz to bid for gas facility project in Algeria
16:55 | 21/ 05/ 2006



ALGIERS, May 21 (RIA Novosti) - Russian pipeline company Stroitransgaz will bid for the construction of a gas processing facility in Algeria, the company's first vice president said Sunday.

A tender to build a gas processing facility to produce ammonia acid has been announced by Algerian state-run company Sinotracy.

Leonid Bokhanovsky said Stroitransgaz would file an application in consortium with Russia's independent natural gas producer Itera. He said the company was currently preparing relevant documents and would submit its bid in September 2006.

"If we win the tender, we intend to invest more than $300 million in the project," Bokhanovsky said.

He said ammonia acid was used as the basis for the production of chemical fertilizer mainly sold to North America and southern Europe.
 

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New success for Edison in Algeria


Leading Italian energy company Edison has succesfully completed its survey of a third gas well in the northern Algerian region of Reggane, where it operates in joint-venture with partners Repsol YPF SA, RWE Dea and Sonatrach.

The results of this latest drilling are extremely positive - production tests have shown a preliminary production rate of 763,000 cubic metres of natural gas per day, Repsol said, adding that there is potential to commercialise the gas by 2008.

"This is our third successful survey in just a few months and confirms Reggane area's great potential" said Edison's managing director, Umberto Quadrino. "The present discovery could speed up the process of marketing gas from this area," he added.

It is the first time that natural gas has been found in at the carboniferous level.

Tests carried out at a depth of over 2,300 metres have proved a gas flow of 483,000 cubic metres per day.

The new gas well - which has been named KL-2 - is located in a block in northern Reggane. The consortium won the exploration contracts in 2002.

This newly discovered well follows successful surveys of two other wells carried out by the consortium in the same area.

Tests have shown the RG-5 gas well to have a preliminary capacity of 636,000 cubic metres of gas per day and the SL-1 gas well to have a 100,000 cubic metres per day capacity.

The drilling of the KL-2 well is part of the consortium's exploration programme for 2006-2007.

This includes the drilling of eight more wells, as well as the gathering of seismic data along 650 square kilometres of Algerian soil.
 

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Discussion Starter · #15 ·
Nigeria: Chevron Texaco Makes A Mega Oil Discovery In Nigeria-Sao Tome Zone


Daily Trust (Abuja)

May 30, 2006
Posted to the web May 31, 2006

US oil company Chevron Texaco Corp has discovered a huge oil reserve in an offshore zone between the west African nations of Nigeria and Sao Tome and Principe, the area's development authority said last Friday.

The discovery was made in the Obo-1 block some 1,720 metres under the sea, around 200 kilometres south of Port Harcourt in Nigeria's oil-rich Delta region and 300 kilometres north of the island of Sao Tome.

Nigeria and Sao Tome and Principe decided in 2004 to work together to develop joint offshore blocks in the Gulf of Guinea.
 

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Discussion Starter · #16 ·
Total strikes oil off Cameroon coast

June 5, 2006

French oil major Total had struck oil in its Dissoni exploration block off southwestern Cameroon and planned further tests to evaluate the reserve, the company said on Friday.

"The well encountered 50m of oil pay in massive oil-bearing sandstone," Total said. It owns 50 percent of the Dissoni block. - Reuters, Yaounde
 

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It's a little old:


April 10, 2006 (FALLOUJ) — Sudan’s oil minister on Monday inaugurated its newest pipeline, which will raise oil production to 500,000 barrels per day (bpd) and provide a structure to potentially double output in the coming year.

Mohamed Salih Osman, the project manager, said that initially 88 oil wells would provide between 160,000 - 180,000 bpd in the 1,400 km (870 mile) pipeline from Upper Nile in Sudan’s south east to the eastern Port Sudan.

The 32-inch pipeline would take 45 days to fill and could carry up to 750,000 bpd eventually, but is currently able to pump 500,000 bpd.

The oil fields, called Block 3 and 7, are operated by Petrodar, a consortium made up mostly of state-owned China National Petroleum Corp., Malaysia’s Petronas [PETR.UL], with smaller shares for Sudan’s Sudapet, China’s Sinopec and al-Thani of the United Arab Emirates.

Petrodar Vice President Khidder Eissawi told Reuters another oil field had been discovered in the area, which looked to contain as much oil as the existing fields. Blocks 3 and 7 are in the south eastern Melut Basin region.

"There is a lot of oil in this area," he said. He added the pipeline could also eventually pump crude from nearby Block B, where French giant Total SA is to operate.

Shortly after Africa’s longest civil war in Sudan’s south was ended by a January 2005 peace deal, the former southern rebel Sudan People’s Liberation Movement (SPLM) awarded a new British firm, White Nile , exploration rights in part of Block B.

This contradicted Total’s claim signed with the northern government in 1980 — before the war — and renewed last year.

Under the peace deal a National Petroleum Commission has been formed to decide new contracts and address such disagreements.

But the southerners, scattered after more than two decades of civil war which claimed 2 million lives, are facing problems in finding people with the oil expertise to fill their posts.

There is also dispute between the two sides over how much current oil production there is.

Western companies have mostly withdrawn from Sudan over alleged abuses of the local population’s rights, leaving the region dominated by mainly state-owned Chinese, Malaysian and Indian entities.

(Reuters)
 

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Sudan hopes to join OPEC soon - minister


June 16, 2006 (LONDON) — Sudan’s Energy and Mining Minister Awad Ahmad al-Jaz has said he hopes his country will be able to join the Organization of Petroleum Exporting Countries soon, Arab Oil and Gas reported Friday.


Awad al-Jaz"I hope we will be able to join OPEC in the near future," al-Jaz said in an interview with the monthly publication.

"We are a beginner in the oil industry. I think we have a lot to learn within this organization as we will be able to take advantage of the experience of countries that have been oil producers and exporters for a long time and play a key role in the world market," al-Jaz added.

Nigeria, Africa’s only OPEC member and current holder of the group’s presidency, has invited Angola and Sudan to join at a time when the 11-nation oil producer group has seen its ability to influence oil prices greatly diminished by its lack of spare oil production capacity.

The expansion of the producer group would give OPEC more sway in managing the amount of oil supplies available to global markets through its production quota system, although oil analysts warn that the group faces wider internal turmoil when the price of crude oil falls and countries have to reduce individual output quotas.

OPEC currently accounts for about 42% of global oil production, down from a peak of 55% in 1974, although oil analysts believe the producer group’s share will rise to around 50% over the next decade or two because of lackluster non-OPEC oil production growth.

Sudan plans to raise its oil output to 500,000 barrels a day "in the next few weeks" from around 360,000 b/d now, al-Jaz said.

He added that negotiations for three new exploration blocks - 14, 17 and 12A - have been completed and could be signed shortly.
 

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Discussion Starter · #19 ·
Nigeria pumps 2.6 million bpd, sees 3 mbpd by year-end


KUALA LUMPUR (Reuters) – Nigeria's oil production stands at 2.6 million barrels per day and will approach 3 million bpd due to increased production from new deepwater fields, senior oil official Edmund Daukoru said on Sunday.

"We're ramping up deepwater production ... Deepwater is making up for conventional territory," he said on the sidelines of the Asia Oil & Gas Conference in Malaysia.

Speaking in Seoul at the start of this week, Daukoru said Nigeria planned to boost its capacity by 1.5 million bpd by the end of 2007, helping meet strong demand growth in Asia and the United States that has fuelled a surge in prices.

Over the past year Nigeria, the biggest oil producer in Africa, has begun pumping oil from a host of new deepwater fields including Royal Dutch Shell's 225,000 bpd Bonga development and ExxonMobil's 150,000 bpd Erha field.

More developments led by Total and Chevron are expected to follow over the next two years.

Daukoru, who is also OPEC president this year, said it was premature to predict what action, if any, OPEC would take at its next meeting, scheduled for Sept. 11 in Vienna.

The Organization of Petroleum Exporting Countries agreed last week to keep pumping as much oil as their customers want, but at around $70 the price is still in sight of all-time highs.

"The culture now is that volatile world markets means we don't take huge steps. We will take measured steps and then see what the market reaction is," Daukoru said.
 

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It is lucky for Africa to sell oil at the time when it is so expensive. Hope African will make good use of the money earned from their oil, as oil will run out one day. With the oil money, they can develop their countries and to improve the education of their people in a fast track. With the abundant natural resource and a less population pressure, Africa may be able to develop faster than China. I am waiting for the African era, it should be their turn now.
 
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