Nigerian Producer Resumes Production Despite Rampant Oil Theft

After three years of shutdown over rampant theft and related damage, Nigerian independent producer Belemaoil Producing has resumed operations at Oil Mining Lease 55, Reuters reported on Monday, citing the company. Located about 40 km west of the Bonny oil export terminal, Belemaoil acquired OML 55 from Chevron Corp. (NYSE:CVX) in 2015. However, the company was forced to suspend operations in 2021 due to persistent oil theft.  According to the company, the block contains five oil fields that produce about 14,000 bpd as well as more than 70…