Здравствуйте. Вся информация этого сайта бесплатна без рекламы. Вы можете сделать пожертвование и поддержать развитие этого сайта. Спасибо.

Hello. This site is free without ads. You can make a donation and support the development of this site. Thank you.

2017-09-04 12:25:00

NIGERIA'S OIL PRODUCTION: 2.2 MBD

NIGERIA'S OIL PRODUCTION: 2.2 MBD

PLATTS - The clamor to include Nigeria in the OPEC output cuts is likely to grow louder, with the country's oil minister, Emmanuel Kachikwu, saying that current oil production is close to full capacity.

Nigeria's oil production, including crude oil and condensates, is currently at around 2.2 million to 2.3 million b/d, Kachikwu said Thursday in a podcast released by the oil ministry.

"Oil production of course has risen on the back of this stability and we have moved from an all-time low of 1.2 million b/d and today it's roughly about 2.2-2.3 million b/d, of course that includes condensate," he said.

Kachikwu did not mention Nigeria's prospects of joining the OPEC output cuts in the podcast, but this comes as questions linger on Nigeria's involvement in the OPEC cuts as its output has recovered close to full capacity.

This comes weeks ahead of the OPEC/non-OPEC Joint Committee Ministerial Meeting on the September 22 in Vienna, where the monitoring committee said it will be inviting representatives from Libya and Nigeria to explain their production outlooks.

The figure of around 2.2 million to 2.3 million b/d includes about 300,000 to 400,000 b/d of condensates, which implies that its current crude oil production is at the coveted 1.8 million b/d mark.

Previously, Kachikwu has said that Nigeria would agree to join the cut agreement once its crude oil production stabilizes at 1.8 million b/d,

This was also confirmed by Saudi Oil Minister Khalid al-Falih in July.

On the subject of OPEC, Kachikwu said that Nigeria will continue to play a proactive role in OPEC and is hopeful that with the efforts of Saudi Arabia, OPEC Secretary General Mohammad Barkindo and Russia, oil prices can move in the low $60s/b in the near future.

INDUSTRY REFORMS

Kachikwu linked the output rise to the increased investment in upstream operations by foreign producers on the back of relative calm in the Niger Delta region.

Output has, however, recovered gradually this year as militant attacks have fallen substantially since early January after the government stepped up peace talks with leaders and youths in the Niger Delta to end militancy in the region.

Apart from the curbing militancy in the region, Kachikwu said Nigeria's decision to introduce a new mechanism for the funding of upstream projects owned jointly with foreign oil partners helped to stimulate investments in drilling and production activities that raised output.

Nigeria agreed to the funding arrangement with the partners -- including Shell, ExxonMobil, Chevron, Eni and Total -- that would see the country exit the system of contributing money to fund its average 57% equity in the ventures, known commonly as a cash call.

-----

Earlier:

 

SHELL STARTS IN NIGERIA

SHELL STARTS IN NIGERIA SHELL STARTS IN NIGERIA The Shell Petroleum Development Company of Nigeria Ltd joint venture has started production at Gbaran-Ubie Phase 2, a key project in Nigeria’s Niger Delta region. The Shell Petroleum Development Company ...
2017-08-24
 

OIL OUTPUT CONSENSUS

... epen cuts to make up for output gains from exempt Nigeria and Libya, as well as sliding compliance from other members. With prices still languishing below the $55-$60/b that some ministers have said they are targeting, some market watchers say OPEC a ...
2017-07-24
 

NIGERIAN OIL: 2 MBD

NIGERIAN OIL: 2 MBD NIGERIAN OIL: 2 MBD Nigeria’s oil production level has recovered to 2 million bopd, Nigerian National Petroleum Corporation (NNPC) Group Managing Director Maikanti Baru said late on Tuesday. Nigeria’s oil production level has reco ...
2017-05-06
 

WBG - AFRICA'S ECOMOMIC DIFFICULTIES

... DIFFICULTIES WBG - AFRICAS ECOMOMIC DIFFICULTIES Nigeria, South Africa, and Angola, the continent’s largest economies, are seeing a rebound from the sharp slowdown in 2016, but the recovery has been slow due to insufficient adjustment to low commodi ...
2017-04-12
 

IMF HAS NIGERIA

IMF HAS NIGERIA IMF HAS NIGERIA With oil receipts dominating fiscal revenue and exports, the Nigerian economy has been hit hard by low oil prices and falling oil production. The country entered into a recession in 2016, with growth contracting by 1.5 ...
2017-03-31
 

NIGERIAN OIL CRISIS

NIGERIAN OIL CRISIS NIGERIAN OIL CRISIS “Security and access to funding are the biggest challenges right now to private sector players,” says Kola Karim, managing director of domestic producer Shoreline Energy. “The situation is really tough.” “Secur ...
2016-11-28
 

NIGERIAN OIL FIRE

NIGERIAN OIL FIRE NIGERIAN OIL FIRE Shell says a fire has forced it to close a key oil pipeline feeding Nigerias strategic Bonny Export Terminal, which militants attacked last week. Shell says a fire has forced it to close a key oil pipeline feeding ...
2016-09-28
Tags: NIGERIA, OIL, PRODUCTION, OPEC

Chronicle:

NIGERIA'S OIL PRODUCTION: 2.2 MBD
November, 22, 11:05:00

NIGERIA & CHEVRON PROJECT &1.7 BLN

Nigerian National Petroleum Corporation (NNPC) and Chevron Nigeria Limited (CNL) have executed the second and final phase of an Alternative Financing Agreement that would increase crude oil production in the country by about 39,000 barrels per day.

NIGERIA'S OIL PRODUCTION: 2.2 MBD
November, 22, 11:00:00

MAERSK-AKER-HALLIBURTON ALLIANCE

OGJ - Maersk Drilling and Aker BP announced a drilling rig alliance based on a tripartite collaboration model that also includes service provider Halliburton Co.

NIGERIA'S OIL PRODUCTION: 2.2 MBD
November, 20, 09:35:00

OIL PRICE: ABOVE $62 YET

REUTERS - Brent crude futures LCOc1, the international benchmark for oil prices, were at $62.56 per barrel at 0439 GMT, down 16 cents, or 0.3 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $56.59 a barrel, up 4 cents, or 0.1 percent, from their last settlement.

NIGERIA'S OIL PRODUCTION: 2.2 MBD
November, 20, 09:30:00

ROSNEFT'S WORLD RECORD: 15000 M

Rosneft as a member of Sakhalin-1 Consortium successfully completed drilling of the world's longest well from Orlan platform at Chaivo field in the Sea of Okhotsk. The length of the well with horizontal completion is 15000 m which currently is a world record. This is a supercomplex well with DDI (Directional drilling index) of 8.0 and 14,129 m stepout.

All Publications »
Exchange Rates
Date: 00:00 00:00
USD 0.00 0.00
EUR 0.00 0.00
GBP 0.00 0.00
UAH 0.00 0.00
ADR bid ask
GAZPROM 0.000.00
LUKOIL 0.00 0.00
ROSNEFT 0.00 0.00
SURGUTNEFTEGAZ 0.000.00
TATNEFT0.00 0.00