Nigeria’s oil export dropped lowest in June
The volume of Nigeria’s oil export dropped to its lowest level this year in June to 59.57 million barrels, or 1.98m barrels per day (bpd), compared to 68.66m barrels or 2.2m bpd the country exported in January. The record drop was not unconnected with massive oil theft and vandalism of pipelines.
Latest petroleum data released by the Nigeria National Petroleum Corporation (NNPC) for the month of June showed that Nigeria’s total crude oil and condensates lifting for both domestic and export was about 59.57m barrels in June. Out of this, oil companies lifted about 36.38m barrels (61.07%), while the NNPC lifted 23.19m barrels (38.93 per cent).
Four regions, namely Europe, Asia, Africa and North America were the major destinations of Nigerian crude and condensate export in June.
A comparison of the crude oil export figures from the January to June period showed that the country’s oil production maintained a gradual month-onmonth decline, falling by up to 13 per cent within the period.
According to the NNPC statistics, 68.66m barrels of crude were exported in January. The figure fell to 64.90m barrels in February and to 62.68m barrels in March.
However, exports rose to 63.99m barrels in April but fell to 61.72m barrels in May.
Rampant oil theft, vandalism had forced oil majors to shut down pipelines and defer exports within the first six months of the year.
In January, Shell’s Nembe creek crude oil pipeline was closed due to sabotage. Around 150,000 barrels of crude per day was affected.
In May, Shell and some oil firms declared force majeure on exports of the Forcados crude oil stream, following “a series of leaks” in the Trans Forcados pipeline that brings the oil to the export terminal. Around 189,000 barrels per day oil were effectively disrupted.
The Group Managing Director of the NNPC, Dr. Ibe Kachikwu, had disclosed that the Corporation was working towards the deployment of drones to end the ugly episodes of crude and petroleum products theft within the next eight months.