Oil field sale ex­pected to im­prove out­put

Financial Mail - - MARKET WATCH -

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.

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