Nigeria’s Oil Exports Rise by 1.9% to 1.64m bpd in July
The volume of crude oil exported by Nigeria in the month of July 2018 increased by 1.90 percent, Business Post is reporting.
According to a report by Bloomberg, the total exports grew to 1.64 million barrels per day (b/d) last month from the 1.61 million b/d recorded the previous month.
The increase in the volume of oil exported by the Africa’s largest market was the highest in four months.
The rise was attributed to Shell’s lifting of export restrictions on key Bonny Light grade during the month of July.
Business Post recalls that on Friday, July 14, 2018, barely two months after declaring force majeure on the Bonny Light Export, Shell Petroleum Development Company of Nigeria Limited (SPDC) announced the lifting of the force majeure, indicating resumption of normal loading activities from its Bonny terminal in Rivers State.
SPDC had declared the force majeure on May 17, 2018, following the shutdown of the Nembe Creek Trunkline (NCTL) by the operator, Aiteo Eastern E&P Company Limited.
Aiteo also declared force majeure on the NCTL production which necessitated the subsequent action by SPDC on Bonny Light exports.
The NCTL is one of the two major production lines feeding the Bonny Terminal, the other being the SPDC-operated Trans Niger Pipeline (TNP).
The NCTL is a 97 kilometre, 150,000 barrels of oil per day pipeline constructed by Royal Dutch Shell Plc, but handed over to Aiteo Eastern E&P Company Limited about three years ago.
According to the reports, last month, Akpo condensate shipments, which are not included in the figure above, rose to 123,000 b/d in contrast to 95,000 b/d in June. Combined crude and condensate exports rose to 1.762m b/d from revised 1.688m b/d.
It was gathered that the biggest crude export rises were for Brass, Bonny and Forcados, Bonny Light increased to 127,000 b/d in July from 87,000 b/d in June Forcados flows were 204,000 b/d versus 162,000.
Furthermore, Brass exports rose to 98,000 b/d from 32,000 in June.