08-08-2017

Nigerian oil output in July climbs to 2.06 million b/d

Nigerianoil

Nigeria's average oil production including condensates, increased marginally to 2.06 million b/d in July, the country's petroleum ministry said Monday, as the OPEC member continued to ramp up production.

The ministry said the country's crude output stood at 2.06 million b/d in July, up from 2.05 million b/d in June, and a sharp increase over the 1.6 million b/d output a year ago when production facilities were hit by attacks from Niger Delta militants.

Nigerian oil output has climbed steadily following a respite in activity by militants demanding control of the region's oil resources.

Loading of the popular export grade Forcados has resumed at its terminal in the Niger Delta after shutting for several months over the past year following attacks in February and November 2016. Producers including Seplat Petroleum, Eland Oil and Gas and Nigerian Petroleum Development Co. have all boosted their daily output of the grade.

Natural gas production also rose to 7.81 Bscf/d in July from 6.74 Bscf/d in the preceding month.

Nigerian National Petroleum Corp. Chief Executive Maikanti Baru said in July Nigeria was well on the way to surpassing its oil production, including condensates, target of 2.2 million b/d for this year, as more facilities shut at the height of militancy in the Niger Delta last year were restarted.

Nigeria's Acting President Yemi Osinbajo last week stepped up peace talks following a threat by regional leaders to abandon the discussions that have helped curb violence against oil installations.

Source: Platts 

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