Petroleum Africa
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Monday, March 9, 2015
Mart Resources, Inc. and its partners on the Umusadege Field in Nigeria, Midwestern Oil and Gas (operator) and SunTrust Oil saw production rates in January average approximately 17,050 bpd from the field.
Although shutdowns of both the NAOC and Trans Forcados export pipelines were experienced during January due to operational interruptions for general pipeline repairs and maintenance and due to vandalism, ongoing production from the Umusadege field was minimally affected due to the ability of the field operator to alternate production between the two pipelines.
There were no full down days during January.
Mart recently reported that it had entered into a LoI with Midwestern that outlines Midwestern’s buy of Mart. Many smaller firms are struggling with the drop in oil prices and have launched strategic reviews to determine what needs to be done or if they can weather out the current crude storm.
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