(Ecofin Agency) - Belemaoil Producing Limited has increased its oil production at the OML 55 field in Nigeria, to 3000 bpd.

This is coming barely a month after Chevron Nigeria Limited, successfully relinquished the OML 55 field to an indigenous firm, Belemaoil Producing Limited.

According to the Chairman of Belemaoil, Jack-Rich Tein Jr., the organization is also forging ahead to accomplish some of its vows to host communities, by employing about 350 youths throughout the OML55 and Niger Delta communities.

He added that the company is currently working together its overseas partners and the Department of Petroleum Resources (DPR), to inaugurate 30,000 barrels floating refinery and LPG unit and a scalable floating power generating barge of 135MW in phase-1 to 650mw in phase-2.

The power project will reduce gas flaring and exploit the gas reserves in OML55, which is more than 2Tscf.

These projects, when complete will result in huge technology transfer, employment for the unemployed youths thus eliminating undue restiveness, agitations, and economic sabotage in communities or cities.

Jack-Rich noted that Chevron with this deed, has become the first and only International Oil Company in Africa to have withdrawn its participating interest in an oil mining lease (OML), to a local company, Vanguard news reports.

Anita Fatunji