Glencore’s wells in Chad remain offline although the Alen field, in Equatorial Guinea, is expected to start up on schedule in the first quarter.
The trader reported its interest oil production was 3.9 million barrels for 2020, down by 29% or 1.6 million barrels from the 5.52mn barrels reported for 2019.
Chad drove this reduction, down 67% at 1.1mn barrels, from 3.37mn barrels in 2019. Production in Cameroon increased significantly year on year, to 872,000 barrels, from 252,000 barrels, as new wells started up.
Equatorial Guinea overtook Chad in terms of its contribution to Glencore’s volumes, reaching 1.96mn barrels, up slightly from 1.9mn barrels reported for 2019.
Glencore noted that it had put its Chadian fields on care and maintenance in March/April 2020. The company has not restarted them, blaming problems around international mobility in the face of the pandemic.
The fourth quarter saw volumes dip to 584,000 barrels, down from 1.88mn barrels for the same quarter of 2019. Production in Equatorial Guinea was temporarily shut-in while work was carried out installing a gas pipeline, for the Alen project.
Alen is a first phase of Equatorial Guinea’s gas expansion plans. This will initially provide 200-300 mmcf (5.7-8.5 mcm) per day to the onshore LNG plant. These volumes will go to sustaining liquefaction, as Alba volumes reduce.
Glencore has a 25% stake in Block O and 23.75% in Block I. Alen is primarily located in Block O.