Eq. Guinea sees big boost in oil output by 2012

MALABO, Aug 14 (BestGrowthStock) – Equatorial Guinea expects oil
production to jump by more than 100,000 barrels per day within
two years as new offshore developments operated by Noble Energy
(NBL.N: ) come online, the West Africa nation’s top energy
official said late on Friday.

The country is already one of sub-Saharan Africa’s largest
oil suppliers with about 300,000 barrels per day of output,
although production has been falling in recent years as existing
fields operated by Exxon Mobil (XOM.N: ), Amerada Hess (AHC.N: ),
and Marathon Oil (MRO.N: ) mature.

The country’s production should increase by 110,000 barrels
per day in 2012, after Noble starts production from its blocks
on the offshore Aseng and Alen fields, Oil Minister Marcelino
Owono Edu said in a press conference.

A high-ranking energy official, Minister Delegate Gabriel
Nguema Lima, told Reuters earlier this year the country hoped to
keep production steady around 300,000 barrels per day as new
developments offset declines. [ID:nLDE64C0K7]

Houston-based Noble has said its Aseng prospect would come
on line in the middle of 2012 with initial output at 50,000 bpd,
while its Alen development would start up by the end of 2013
with initial output of 30,000 bpd.

Equatorial Guinea, which has among Africa’s highest per
capita GPDs because of its oil but whose population remains
deeply impoverished, is also seeking to boost its production and
exports of natural gas.
(Editing y Sue Thomas)

Eq. Guinea sees big boost in oil output by 2012