Search Site: OnlineNigeria

Close






Nigeria's oil production hits 2.35m bpd

Posted by By Sulaimon Salau on 2006/07/14 | Views: 228 |

Nigeria's oil production hits 2.35m bpd


NIGERIA's oil production experienced a light increase to 2.35 million barrels per day (bpd) in June, joining other Organisation of Petroleum Exporting Counties (OPEC) members in boosting the cartel's production to 29.95 million bpd, from the official OPEC quota of 28 million bpd.

NIGERIA's oil production experienced a light increase to 2.35 million barrels per day (bpd) in June, joining other Organisation of Petroleum Exporting Counties (OPEC) members in boosting the cartel's production to 29.95 million bpd, from the official OPEC quota of 28 million bpd.

Specifically, the oil production was boosted by 50,000 bpd to 2,350 million bpd as higher output from offshore fields helped offset the 500,000 bpd of crude production shortfall early this year.

The country's production capacity has continue to drop from 2,370 million bpd in January to 2,300 million in May due to consistent attack on some oil facilities in the Niger Delta, where lots of foreign experts are held hostage and facilities sabotaged.

According to facts from Platts, the production increase in Nigeria, Iraq among others has actually boosted OPEC overall production in June by 200,000 barrels per day bpd to 29.95 million bpd from 29.75 million bpd in May, with large contributions from Iraq as crude flows resumed along the pipeline linking Iraq's northern fields with Turkish port Ceyhan.

Excluding Iraq volumes, production from the 10 members with quotas under a notional 28 million bpd ceiling edged up by 40,000 bpd to 27.83 million bpd in June from 27.79 million bpd in May, the survey showed.

Nigeria's production quota remains 2,306 million bpd, but the current figure bears testimony to the Minister of States for Petroleum Resources, Edmund Daukoru's claims that Nigeria has the capability to produce beyond the quota.

Attacks on oil pipelines and kidnappings by a militant group, Movement for the Emancipation of the Niger Delta have cut the country's oil production by more than 20 per cent this year.

However, other countries that contributed smaller production percentage include, Saudi Arabia, Libya, Qatar and the United Arab Emirate.

OPEC's biggest producer, Saudi Arabia, equally increased output by 50,000 bpd to 9.25 million bpd. Although the kingdom claims total current production capacity of 11.3 million b/d, it cut back its output over the spring from long held levels of around 9.5 million b/d, saying there was little demand for its heavier crudes.

The increases, which totalled 320,000 b/d, were partly offset by 120,000 b/d of output decreases from Algeria, Indonesia, Iran and Venezuela.

Most OPEC members, including Algeria, overproduced their notional output quotas in June, but Indonesia, Iran and Venezuela significantly under produced theirs.

Read Full Story Here.... :
Leave Comment Here :



Add Comment

* Required information
1000
Captcha Image

Comments (3)

Gravatar
New
Abieyuwa(Edo, Nigeria)says...

Otasowie means evening life is better than morning life. There is an error in your “evening life is better than evening life”?

Gravatar
New
Naija g(Houston, Minnesota, US)says...

Sokari doesn’t mean joy. Joy is Biobela. Go to the village and ask the meaning of the name.

Gravatar
New
Fay(Katy, Texas, US)says...

Actually translates to bravehearted.