• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 3 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 day Does Toyota Know Something That We Don’t?
  • 4 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 1 day World could get rid of Putin and Russia but nobody is bold enough
  • 5 hours America should go after China but it should be done in a wise way.
  • 4 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 3 days China is using Chinese Names of Cities on their Border with Russia.
  • 4 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 3 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 4 days Putin and Xi Bet on the Global South
  • 4 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 5 days United States LNG Exports Reach Third Place
  • 5 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 9 days huge-deposit-of-natural-hydrogen-gas-detected-deep-in-albanian-mine

Breaking News:

Chicago Files Suit Against Big Oil

Nigeria Oil Output Drops 12% In July

Crude oil production in Nigeria dropped by 12.56% in July to 1.29 million barrels daily from 1.48 million barrels daily in June, Business Day has reported, citing data from the Nigerian Upstream Petroleum Regulatory Commission.

According to the state agency, one of the reasons for the decline was the temporary shutdown of the Forcados terminal, which Shell, the operator, announced in mid-July on suspicions of a leak.

Normally, Forcados sees loadings of an average of 220,000 barrels daily but on July 12 workers in the area saw fumes near a vessel that was being loaded with crude. The repairs work on the terminal was expected to be completed by the end of the first week of August but as of the middle of this week, Forcados remained shut down.

Earlier this year, the Upstream Petroleum Regulatory Commission warned that Nigeria is producing 1 million bpd of crude less than it has the capacity to produce. The agency cited a lack of investments, a shortage of funding sources because of the energy transition, and insecurity among the factors driving the situation.

“Currently, Nigeria has the technical allowable capacity to produce about 2.5 million barrels of oil per day. However, arising from the highlighted challenges, our current production hovers around 1.5 million barrels of oil and condensate per day,” the chief executive of the body said in May.

To remedy matters, Nigeria earlier this month announced the pending launch of a roadshow to pitch upstream investments in the country.

“Whereas the global imperatives for energy transition is clear and justified, the need for Africa’s energy security, economic development and prosperity cannot be overemphasised,” the Nigerian regulator, which is organizing the roadshow, said.

According to a senior Petroleum Ministry official, Nigeria is looking to boost its oil production to 1.7 million barrels daily by November this year.

ADVERTISEMENT

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News