29 Sep '13, 12pm

Another Big Oil Producer For #Africa? #Chad Hopes To Triple Crude Output By 2015

Another Big Oil Producer For #Africa? #Chad Hopes To Triple Crude Output By 2015

Another Big Oil Producer For Africa? Chad Hopes To Triple Crude Output By 2015 Chad is ramping up its oil production with an eye to spurring development, and its finance minster said he hopes to see output triple in as little as two years. “We aim to become the business hub of Francophone central Africa,” Finance Minister Atteib Doutoum said, according to Bloomberg . The extra revenue will be used to fund the construction of a business zone, projected cost more than $500 million, in the capital city of N’djamena. Chad is Africa’s fifth-largest country, and it ranks 10th in terms of the size of its oil reserves: 1.5 billion barrels. Oil production began in 2003, after a pipeline was completed connecting Chad to the Atlantic Ocean via Cameroon. Production was around 115,000 barrels per day in 2011, but dropped to about 105,000 in 2012, according to the U.S. Energy Informatio...

Full article: http://peakoil.com/publicpolicy/another-big-oil-producer-...

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