Niger says more oil found in CNPC's Agadem

NIAMEY Fri Aug 3, 2012 3:36pm IST

Related Topics

Stocks

   

NIAMEY Aug 3 (Reuters) - Niger has discovered more oil in its eastern Agadem oil fields and the outlook in the northern Bilma block is positive, the president said late on Thursday, without giving any further details.

Agadem is drilled by the China National Petroluem Corporation (CNPC) which also works Bima in partnership with Canadain TVI Pacific's TG World.

Niger, a major uranium miner but one of Africa's poorest nations, joined the continent's club of oil-producing countries when it started pumping oil last year from Agadem in a joint project with CNPC.

Reserves at Agadem, 1,600 km (1,000 miles) east of Niamey, have until now been estimated at 650 million barrels.

"I would like to take advantage of this occaison to inform you that new discoveries have been made, allowing us to increase the oil reserves at Agadem and the outlook for Bilma is very good," President Mahamadou Issoufou said in an independence day speech to the nation on state television.

Oil from Agadem feeds a 20,000 barrel per day refinery in Zinder, 700 km to the west. But Niger is in talks with Chad and Cameroon to export its crude oil out through the two fellow oil-producing nations in Central Africa.

Last month it awarder nine production sharing agreements to five oil firms as it seeks to expand its partners.

"So, Niger has a bright future when it comes to oil," Issoufou said.

FILED UNDER:

Religion and Politics

REUTERS SHOWCASE

Fund Raising

Fund Raising

Flipkart raises $700 million in fresh funding.   Full Article 

Reforms Push

Reforms Push

Modi may order insurance, coal reforms if vote delayed - officials.  Full Article 

Reuters Exclusive

Reuters Exclusive

India looks to sway Americans with nuclear power insurance plan  Full Article 

To Boost Growth

To Boost Growth

Crank up public spending to revive growth - chief economic adviser.   Full Article 

Bold Steps

Bold Steps

SpiceJet rescue plan marks bold bet on Indian aviation recovery.   Full Article 

New Airline

New Airline

Tata, Singapore Air venture Vistara to take off on Jan 9.  Full Article 

Online Sales

Online Sales

Knock knock. Who's there? Amazon's best-selling holiday author.  Full Article 

Hacking Attack

Hacking Attack

N.Korea says did not hack Sony, wants joint probe with U.S.  Full Article 

Reuters Poll

Reuters Poll

BSE Sensex to hit 32,980 by December 2015  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage