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Bakassi Ceding: Cameroon Moves To Boosts Oil Output

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Bakassi Ceding: Cameroon Moves To Boosts Oil Output

Post  Admin on Sun Aug 31, 2008 8:47 pm

Cameroon has moved swiftly to reap from the huge dividend of the ceding of the oil-rich Bakassi Peninsula by Nigeria penultimate week, calling for the registration of more exploration and production oil companies to help it take full advantage of the development of the hydrocarbon in the area.

The country, which is already priming to join the league of major oil exporting nations in Africa, according to the Fact Book of Central Intelligent Agency (CIA), was before the ceding of Bakassi producing a mere 107,400 barrels of crude per day.

Oil companies that operated in oil concessions bordering the Bakassi Peninsula, Daily Independent leant, have since switched full loyalties to the Cameroonian authorities to be in time to join the bandwagon of producers that would help the country realise its plan to double production level by next year..

Companies like Monipulo and Addax Petroleum Corporation, whose offshore operations are mainly on the Bakassi axis of the Gulf of Guinea, have reportedly begun the process of registering with the relevant Cameroonian oil industry authorities to enable them expand their operations in the area.

Although analysts believe that the ceding of Bakassi to Cameroon would not impact negatively on Nigeria's oil output level, they were, however, unanimously that the bulk of Nigeria production did not come from crude reserves in the peninsula.

Nigeria's production capacity has consistently declined in recently as a result of incessant threats by armed militant groups in the Niger Delta area, which has pushed the country's production from an average of 2.5million barrels per day to about 1.8million barrels.

President Umaru Yar'Adua had insisted before the international community that the crises in the oil-rich Niger Delta region of the country would soon be over with his administration's intervention efforts.

Yar'Adua, who expressed confidence in a renewed move by his administration to tame the crisis, disclosed that plans are on to double crude oil production to four million barrels per day by 2010.

He spoke through his aide on media, Olusegun Adeniyi during talks with French President, Nicholas Sarkozy on the first day of official visit to Paris .

According to him, the plan to double oil production was occasioned by his government's preference for stable, sustainable and predictable oil prices.

"The president said that he had assured his French counterpart that Nigeria's preference was for stable, sustainable and predictable oil prices, rather than unpredictable prices which, he said, did not help anyone in the long run," Adeniyi said.

International News media have been carrying reports about series of attacks on oil majors, kidnapping of foreign and indigenous workers as well as bombing of oil pipelines by militants. This has been identified as the major factor, which has consistently exposed Nigeria's position as Africa's premier oil producer to threats from Angola.

For the last two years, Nigeria has lost about a quarter of its daily oil production to attacks on pipelines and terminals by militants campaigning for recognition of the right of the oil producing areas to have increased control of the proceeds of the oil resources in their area.


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