Two members of the Organisation of the Petroleum Exporting Countries (OPEC) are set to launch major new oilfields, according to Bloomberg, potentially putting strain on present attempts by OPEC to rein in production to support global oil prices.
French oil supermajor Total is aiming to start production at Kaombo in Angola and Egina in Nigeria. Once the fields come on-stream later in the year, there will be a combined additional 430,000 barrels per day of capacity. This extra output alone would exceed the total production of OPEC members Gabon and Equatorial Guinea. Kaombo is due to start production within a few months while Egina will be rolled out late in 2018.
Data reveals that the additional barrels scheduled for this year would push both Angola and Nigeria above their present OPEC commitments.