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This will help Nigeria, Africa’s top oil producer, to boost crude output which has fallen in recent years due to large-scale theft and sabotage that have forced oil majors to exit onshore drilling for deepwater production.
Belemaoil acquired OML 55, located about 40 km west of the Bonny oil export terminal in a swamp to shallowwater area, from Chevron Corp (CVX.N), opening a new tab in February 2015.
Reuters reports Operations at OML 55 were halted in 2021 due to rampant oil theft from its delivery line to the Bonny terminal, a Belemaoil spokesperson said.
According to the company, the block contains five oilfields that produce about 14,000 barrels per day and more than 70 million standard cubic feet of gas per day.
The spokesperson says the arrival of the first floating oil storage vessel at OML 55 on Oct. 6 marked “a major milestone in the company’s efforts to restart production”.
BADEJO ADEMUYIWA has 23 years experience as a Finance Writer, specialising in Insurance and Investigative Reporting.
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