Chad to double oil output by 2016

oil-rig2Chad ranks as the 10th largest oil reserve holder among African countries with 1.5bn barrels of oil reserves. (Image source: Linda Flores / Flicker)Chad has plans to double its oil production by 2016 as the country expects to discover new oilfields, according to the country’s finance minister

Kordje Bedoumra, finance minister of Chad, said that the country is experiencing an 11 per cent to 13 per cent growth rate in oil production and this growth rate will double in 2016.

“The country is currently producing around 100,000 bpd. Our expectation is that by the end of 2014 we can move to 130,000 bpd because we will have new oilfields. Oil output would also increase from the Mangara and Badila oilfields, which are operated by Switzerland-based mining company Glencore Xstrata,” Bedoumra added.

Bedoumra further added that the country is also trying to unlock other mineral resources within Chad.

“It’s not just oil that we have underground. There are strong indications of gold, nickel, uranium and other minerals. We have appointed consultants to identify the location of these minerals,” he said.

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