account
search
search

Heritage Oil gives high praise for Nigerian oil

  |   Feb. 26, 2014 at 6:43 AM
LONDON, Feb. 26 (UPI) -- Heritage Oil Chief Executive Officer Tony Buckingham said Wednesday oil production from its Nigerian assets has increased 17 percent since last quarter.

Heritage said production from its Oil Mining Lease 30 area in Nigeria averaged 15,600 barrels of oil equivalent since the start of 2014, a 17 percent increase from the fourth quarter.

"Our interest in OML 30 will be used as a platform to grow and obtain additional interests in Nigeria and in other core areas," Buckingham said in a statement.

Heritage, which has headquarters in London, said last year new operations planned for 2014 in Nigeria should raise the production potential to 300,000 barrels per day and infrastructure is in place to handle 395,000 bpd.

The Nigerian government blamed saboteurs and vandals for the loss of about 150,000 bpd worth of production last year.

The Organization of Petroleum Exporting Countries said oil production from member state Nigeria increased by about half a percent from December to 1.9 million bpd in January.

Related UPI Stories
© 2014 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
x
Feedback