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Offline omonaija

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Nigeria to export 62 crude oil cargoes in July
« on: May 30, 2013, 01:22:21 PM »
Nigeria to export 62 crude oil cargoes in July



THERE are indications that Nigeria may export about 62 crude cargoes in July, according to the preliminary loading programmes.
The loading schedule specifically showed that the nation would ship 13 consignments of Qua Iboe, seven each of Agbami and Forcados, five each of Akpo and Bonga, four of Bonny Light, three each of Amenam, Erha, Escravos and Usan.
Others include two each of Antan and Yoho and one each of Abo, EA Blend, Okono, Okwori and Pennington. The size of the cargoes ranges from 167,000 to 1 million barrels.
Loading programmes are monthly schedules of crude shipments compiled by field operators to allow buyers and sellers to plan their supply and trading activities.
Analysts believed that Nigeria’s oil exports might remain well below last year's average in July, as thefts and sabotage have continued to harm the country's oil output.
The Nigerian National Petroleum Corporation (NNPC) recently announced a drop in crude oil production for the first quarter of 2013.
The Acting Group General Manager Public Affairs Division of the corporation, NNPC, Tumini Green, attributed the drop to incessant crude oil theft and vandalism along the major pipelines within the Niger Delta.
According to her, daily crude oil production during the period fluctuated between 2.1 and 2.3 million barrels per day (mbpd) compared with the projected estimate of 2.48mbpd.
“Expectedly, this fall between actual production and forecast in first quarter 2013 has resulted in a drop in crude oil revenue of about $1.23 billion (N$191 billion) that should have accrued to the Federation Account,” she explained.
Shell had also in April declared force majeure on Bonny Light crude oil after a high number of thefts forced it to close the Nembe Creek pipeline for repairs. Shell said about 150,000 barrels a day of production had been deferred due to the shutdown.
She explained: “Investigations showed that 53 break points were discovered along the 97km Nembe Creek Trunkline. Repair work is expected to last about six weeks. This will further reduce our April and May monthly average to about 2.2mbpd and further decrease crude oil revenue by about $554.0 million (equivalent to N83 billion) that should have accrued to the Federation Account.
Green, however, assured that the maintenance work would have minimal effect on gas supply to domestic market.
“We shall continue to work with relevant government agencies both at the Federal and state levels to end this incessant crude oil theft and pipeline vandalism. We have the potential to meet the national target of 2.48mbpd if this menace is eliminated, she said, adding that crude theft and pipeline vandalism continue to degrade the environment, increase operational costs, impact negatively on the image of the country and of course, reduces revenue accruable to the nation.”

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Nigeria to export 62 crude oil cargoes in July
« on: May 30, 2013, 01:22:21 PM »


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