Oil and Gas
Production of Qua Iboe Crude, Nigeria’s largest crude oil stream, has dropped to its lowest level for the first time since 2010.
Latest crude/condensate production by streams data obtained from the Department of Petroleum Resources (DPR) shows that output of the crude collapsed by about 41 per cent from 135 million barrels in 2010 to 79 million barrels in 2016, the year militant attacks cut Nigeria’s production to its lowest in decades.
Shell Nigeria Exploration and Production Company (SNEPCo) has stated that crude oil production in Bonga deepwater oilfield is "being ramped up gradually" after brief shutdown.
More cargoes of Nigerian crude oil are now heading for India on a daily basis after loadings to China witnessed decline in recent times.
Reuters reported citing a survey of vessel fixtures and traders that Indian refineries booked the largest amount of West African oil per day in February since April 2015.
The purchases helped to offset a steep drop in bpd-loadings of Nigeria, including Angolan crude for China, which fell to 1.22 million bpd from a record of 1.59 million bpd the previous month.