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Nigeria’s Oil Exports to Jump by 575,000b/d

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By Modupe Gbadeyanka

The export capacity of Nigeria’s crude oil is expected to rise by 575,000 barrels per day in the last quarter of 2016.

This is due to repairs being carried out on oil facilities vandalised or destroyed by militants in the Niger Delta.

Renewed attacks by the militants had caused reduction in the volume of oil produced per day, which forced the Nigeria into recession coupled with the slump in prices of the products in the market.

Last week, Shell lifted force majeure on Bonny Light, following the repair and reopening of the Nembe Creek Trunk Line (NCTL) by the pipeline’s operator, Aiteo.

Also, ExxonMobil is prepared to export Qua Iboe grade of crude, with the first cargo expected to load as early as the end of September.

Qua Iboe is Nigeria’s largest crude oil stream, exporting more than 300,000 barrels per day.

Exports had been under force majeure since July after a leak on the 48-inch pipeline carrying it to the export terminal.

But the Forcados and Brass River have remained under force majeure.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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