Oil field sale expected to improve output
Equatorial Guinea, Opec’s newest member, is taking steps to stem the decline in its oil production. US firm Kosmos Energy has bought offshore fields previously operated by Hess. This could improve output in the short to medium term, says Equatorial Guinea’s minister of mines, industry & energy, Gabriel Obiang.
Equatorial Guinea joined Opec in May. Its oil production is capped at 128,000 barrels/day until the end of March as part of the group’s effort to eliminate a supply glut, but the oil price has already stabilised.