AFRICA-FOCUSED OIL player Afren aims to increase its average production this year to 40,000 boepd, with an exit rate of 55,000 boepd, from about 14,320 boepd in 2010.p style="margin-bottom: 0cm;">AFRICA-FOCUSED OIL player Afren aims to increase its average production this year to 40,000 boepd, with an exit rate of 55,000 boepd, from about 14,320 boepd in 2010.
The UK-registered company said its Ebok field development off south-east Nigeria is at an advanced stage, with first oil expected next month from five wells drilled under phase one of the scheme.
Chief executive Osman Shahenshah said: "Looking forward we have a nine-well exploration and appraisal drilling programme in 2011 targeting an estimated 600 mn boepd of net resources and we expect further accretive acquisitions.”
The company, which also has operations in the Ivory Coast, forecasts full-year capital expenditure for 2011 at about $410mn.
