Nige­ria’s oil pro­duc­tion rose in Sept – OPEC

Daily Trust - - BUSINESS - By Daniel Adugbo

Crude oil pro­duc­tion in­creased mostly in Iraq, Nige­ria and the United Arab Emi­rates in Septem­ber, while pro­duc­tion in Saudi Ara­bia showed the largest drop, the Or­ga­ni­za­tion of Petroleum Ex­port­ing Coun­tries (OPEC) said in its Oc­to­ber Monthly Oil Mar­ket Re­port (MOMR).

Re­ly­ing on sec­ondary sources, OPEC said the to­tal crude oil pro­duc­tion by its 12-mem­ber group in­creased by 0.11 mil­lion bar­rels per day (mb/d) to av­er­age 31.57 mb/d in Septem­ber com­pared to 31.462 mb/d in Oc­to­ber.

An anal­y­sis of the OPEC oil data re­vealed that Nige­ria, a high-rank­ing mem­ber of the group, con­trib­uted to the in­crease with 1.900 mb/d in Septem­ber, the high­est recorded for the year so far.

The coun­try had recorded a higher crude out­put in the first quar­ter of the year with an av­er­age of 1.886 mb/d oil out­put. Pro­duc­tion then dropped to 1.816 mb/d in the sec­ond quar­ter but re­cov­ered to 1.854 mb/d in the third.

The record rise may be at­trib­uted to the lift­ing of force ma­jeure on oil ex­ports af­ter ram­pant theft and van­dal­ism had forced oil ma­jors to shut down pipe­lines and de­fer ex­ports within the first seven months of the year.

On

Septem­ber

3,

Shell

Petroleum De­vel­op­ment Com­pany (SPDC) of Nige­ria lifted the force ma­jeure on Bonny Light ex­ports, fol­low­ing the re­pair and re-open­ing of the Trans Niger Pipeline (TNP) and Nembe Creek Trun­k­line (NCTL).

Bonny Light is one of Nige­ria’s main ex­port grades.

Shell said that the TNP had been re­paired and a num­ber of crude theft points re­moved from the NCTL.

The Trans Niger Pipeline trans­ports about 180,000 bar­rels of crude oil per day to the Bonny Ex­port Ter­mi­nal and is part of the gas liq­uids evac­u­a­tion in­fra­struc­ture crit­i­cal for con­tin­ued do­mes­tic power gen­er­a­tion at the Afam VI power plant and liq­ue­fied gas ex­ports.

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