Chad to Double Oil Production by End of 2015

Reuters reported that Chad sees itself doubling its oil production by the end of 2015. The country is also looking to inventory potential mineral deposits.

As quoted in the market news:

Speaking to Reuters, Kordje Bedoumra, said the country expected a rebound in the growth rate this year to 11-13% and double digits again in 2015 as oil production ramps up.

‘We are more or less at around 100 000 barrels per day (bpd),’ he said in an interview at an OECD forum on Africa.

‘Our expectation is that by the end of this year we can move to 130 000 bpd and by the end of next year probably double that production because we will have new fields.’

Bedoumra said output would increase from the Mangara and Badila fields, which are operated by mining company Glencore Xstrata, and a new field managed by a China National Petroleum Corporation (CNPC) subsidiary.

Click here to read the full Reuters report.