• 1 min UAE Oil Giant Seeks Partnership For Possible IPO
  • 45 mins Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 2 hours VW Fails To Secure Critical Commodity For EVs
  • 3 hours Enbridge Pipeline Expansion Finally Approved
  • 4 hours Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 4 hours OPEC Oil Deal Compliance Falls To 86%
  • 20 hours U.S. Oil Production To Increase in November As Rig Count Falls
  • 22 hours Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 1 day Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 1 day EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 1 day Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 1 day Aramco Says No Plans To Shelve IPO
  • 4 days Trump Passes Iran Nuclear Deal Back to Congress
  • 4 days Texas Shutters More Coal-Fired Plants
  • 4 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 4 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 4 days Chevron Quits Australian Deepwater Oil Exploration
  • 4 days Europe Braces For End Of Iran Nuclear Deal
  • 5 days Renewable Energy Startup Powering Native American Protest Camp
  • 5 days Husky Energy Set To Restart Pipeline
  • 5 days Russia, Morocco Sign String Of Energy And Military Deals
  • 5 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
  • 5 days China Set To Continue Crude Oil Buying Spree, IEA Says
  • 5 days India Needs Help To Boost Oil Production
  • 5 days Shell Buys One Of Europe’s Largest EV Charging Networks
  • 5 days Oil Throwback: BP Is Bringing Back The Amoco Brand
  • 5 days Libyan Oil Output Covers 25% Of 2017 Budget Needs
  • 5 days District Judge Rules Dakota Access Can Continue Operating
  • 6 days Surprise Oil Inventory Build Shocks Markets
  • 6 days France’s Biggest Listed Bank To Stop Funding Shale, Oil Sands Projects
  • 6 days Syria’s Kurds Aim To Control Oil-Rich Areas
  • 6 days Chinese Teapots Create $5B JV To Compete With State Firms
  • 6 days Oil M&A Deals Set To Rise
  • 6 days South Sudan Tightens Oil Industry Security
  • 7 days Over 1 Million Bpd Remain Offline In Gulf Of Mexico
  • 7 days Turkmenistan To Spend $93-Billion On Oil And Gas Sector
  • 7 days Indian Hydrocarbon Projects Get $300 Billion Boost Over 10 Years
  • 7 days Record U.S. Crude Exports Squeeze North Sea Oil
  • 7 days Iraq Aims To Reopen Kirkuk-Turkey Oil Pipeline Bypassing Kurdistan
  • 7 days Supply Crunch To Lead To Oil Price Spike By 2020s, Expert Says
How OPEC Continues To Cheat On Its Own Deal

How OPEC Continues To Cheat On Its Own Deal

OPEC oil production has once…

What’s Stopping An Oil Price Rally?

What’s Stopping An Oil Price Rally?

Oil prices rallied in Q3…

Nigerian Oil Production To Reach 2.2 Million Bpd By June

Nigeria Oil

The CEO of Nigerian oil company Oando says the worst of the west African country’s output disruptions are over as the twice-attacked Forcados pipeline returns to full capacity by the end of June.

National production will touch 2.2 million barrels per day by June as well, Pade Durotoye told reporters at the Africa Independents Forum in London on Wednesday.

"We think that the worst is behind us," he said. "Before the end of June, we will have Forcados back, which would take us comfortably back to 2.2 million bpd."

The first cargo from the 400,000 bpd Forcados export line loaded on the 15th of May, according to EP Mag, though Shell’s force majeure on the facility remains in place.

Separatists operating from the Niger Delta spent the better half of 2016 attacking oil facilities in the region to protest Lagos’ negligent attitude towards the residents of the land used to generate a majority of government revenues. Earlier this year, President Muhammadu Buhari’s administration launched a diplomatic strategy to engage leaders from the Niger Delta in order to find a peaceful solution to the region’s grievances, including the possible legalization of makeshift refineries that currently process stolen oil.

Attacks by groups like the Niger Delta Avengers (NDA) and other affiliates have slowed in recent months, allowing to Forcados pipeline to be repaired and oil output to recover. As the Organization of Petroleum Exporting Countries (OPEC) prepares to review the terms of its November deal that cut output by 1.2 million barrels per day, the bloc may be compelled to revoke Nigeria’s exemption. Iraqi Oil Minister Jabar Al Luaibi made such a suggestion earlier this week, though his Nigerian counterpart said the country would be pursuing another six-month exemption.

“The indications that I have so far is that there is a willingness to extending [the exemption],” Nigerian oil minister Ibe Kachikwu told reporters in Houston. “I expect we will get OPEC exemption but one year from now will it be renewed? I am not too sure.”

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News