Nigeria On The Verge To Unseat Angola As Africa’s Largest Oil Exporter

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Nigeria To Lose N3.45bn Daily As Shell Shuts Down Bonga For Maintenance

Except for any unforeseen incident, Nigeria’s crude oil export is expected to reach 1.84 million barrels per day (bpd) in July, 2017.

The new development is coming on the back of a recovery in Forcados exports, according to the nation’s loading programmes seen on Wednesday.

Nigeria’s Oil Sector Gets Major Boost As Shell Resumes Crude Exports

Premium Times reports that Forcados exports resumed at the end of May after a nearly complete shutdown since February 2016.

This is even as the grade’s operator, Shell’s local subsidiary SPDC, issued an initial June schedule of 197,000 bpd.

“We resumed production at Forcados on June 6, 2017 after lifting the force majeure we declared on crude exports from the facility last year,” Shell spokesman Precious Okolobo told AFP.

It, however, increased the schedule to 252,000 bpd.

With all set for world’s most populous black nation to export about 1.84 million barrels per day (bpd) in July, Nigeria is expected to regain its status as Africa’s largest oil exporter, a title it lost to Angola in 2016.

The loss followed militant attacks on the nation’s oil infrastructure in the oil-rich Niger Delta region.

Shell had declared the force majeure on Forcados shipments in February 2016 after rebel group Niger Delta Avengers (NDA) bombed the main crude supply line to the terminal, causing massive spills in the area.

The subsea line was repeatedly attacked by rebels last year while undergoing repairs, forcing the oil giant to halt production.

Last year, several militant groups including the Avengers attacked oil facilities in Nigeria, slashing the nation’s crude output and hammering government revenues.

The militants said they are seeking a fair share of the nation’s oil wealth for local residents as well as political autonomy for the region.

Nigeria’s Oil Production Falls From 2 Million To 1.2 Million Barrels Per Day

Production has since improved, following peaceful negotiations with leaders from the region.

Angola’s July exports are expected to be 1.55 million bpd, Reuters reports.

With a force majeure in place on Bonny Light, and loading delays of as much as 10 days, Nigeria’s export plans for June and July are likely to change.

Force majeure is a legal term that frees a company from any contractual obligation due to circumstances beyond its control.

Datboyjerry

Datboyjerry

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