Glencore saw its oil production more than halve from year-ago levels during the fourth quarter of 2020, reflecting the suspension of its Chad operations due to the impact of the COVID-19 pandemic, the mining and commodity trader giant said Feb. 3.
Entitlement production totaled 584,000 barrels in Q4, or 6,418 b/d, 69% below the year-ago period and down from 748,000 barrels in Q3, Glencore said.
Glencore placed its Mangara and Badila fields in Chad under "care and maintenance" in April due to COVID-19 related disruptions to mobility, transportation and supply chains. The fields had previously been producing around 10,000-14,000 b/d, according to S&P Global Platts estimates.
The fields remain offline, Glencore said, citing "continued pandemic-related challenges in international mobility."
During 2020 overall, Glencore's oil production averaged 10,776 b/d, 29% lower on the year, after new wells drilled in Equatorial Guinea and Cameroon partly offset the suspension of its Chad operations.
The company benefited from the startup of the Bolongo field in Cameroon in Q3 2019, which has been ramping up and provided 239,000 barrels in the fourth quarter.
