Good News as Belemaoil Resumes Oil Production at OML 55

Three years ago, Belemaoil found itself in deep waters when oil theft brought operations at OML 55 to a complete halt. The shutdown caused by the extensive damage to their delivery line was a heavy blow. However, after years of struggle, Belemaoil has finally resumed production, bringing a glimmer of hope to the company and its stakeholders.

This revival is a significant milestone for Belemaoil. They produce around 14,000 barrels of oil daily, along with over 70 million standard cubic feet of gas. With a new floating oil storage vessel in place, the company is now fully operational again at OML 55.

Despite Belemaoil’s evident progress, the scars of the past are still visible. The road to recovery has been rough, but the determination of the founder and board of directors is clear.

Belemaoil acquired OML 55 from Chevron in 2015, and the recent turnaround in operations has reignited hopes of long-term success. But the oil industry remains a jungle where the tall trees are constantly shaken by the winds of trouble. As some experts have pointed out, Belemaoil isn’t completely out of the woods. A court order has recently painted the company in a darker light. Apparently, they are embroiled in a legal battle over a $21 million debt related to services rendered. The judgement, though appealed, shows that even as one problem ends, another often begins. Currently, Belemaoil is appealing the decision, hoping to clear its name. Nevertheless, “The tree that bears fruit will always attract stones,” as the saying goes. So, Belemaoil, though thriving now, still has battles to fight.

As the future unfolds, all eyes will be on how Belemaoil matches on the path ahead. For now, production has resumed, and that is no small victory. But as history shows, surviving in Nigeria’s oil industry requires more than luck—it requires resilience.