• 4 minutes WTI Heading for $60
  • 6 minutes OPEC Builds Case For Oil Supply Cut
  • 15 minutes Major News---Bigger Picture
  • 24 mins Good Sign for US Farmers: Soybean Prices Signals US-China Trade Deal Progress
  • 12 hours Starbucks slashing its corporate workforce
  • 3 hours Your idea of oil/gas prices next ten years
  • 7 hours Plastic Myth-Busters
  • 18 mins Here We Go Again: EU Will Hit Back If U.S. Imposes Car Tariffs
  • 5 hours Could EVs Become Cheaper than ICE Cars by 2023?
  • 1 day Solid-State Batteries At Least a Decade Away From Mass Adoption
  • 11 hours what's up with NG?
  • 15 hours Zohr Giant Gas Field Increases Production Six-Fold
  • 47 mins Soybean sale to China down 94%
  • 2 days Big Brother Is Watching You: Chinese ‘Gait Recognition’ Tech IDs People By How They Walk
  • 11 hours Pros and Cons of Coal
  • 12 hours WTI @ 69.33 headed for $70s - $80s end of August

Breaking News:

Crude Build Halts Oil Price Recovery

Natural Gas Soars As Crude Enters Bear Market

Natural Gas Soars As Crude Enters Bear Market

Crude oil futures continue to…

Oil Thieves Wreak Havoc On Nigeria’s Oil Industry

NIgeria

Nigeria’s crude oil and condensate production stood at 2.09 million bpd in October, oil ministry data showed on Friday, with output down by some 70,000 bpd compared to September, due to increased sabotage attacks on oil infrastructure by oil thieves.

In September, Nigeria’s crude oil and condensate production was 2.158 million bpd, according to the oil ministry data.

The Nigerian National Petroleum Corporation (NNPC) warned earlier this month that sabotage attacks on oil pipelines were on the rise, while analysts also warn that violence may return in Nigeria’s oil industry ahead of the general elections in February.

Nigerian crude and condensate production is expected to rise to 2.2 million bpd by early next year, thanks to the imminent start-up of the Total-operated Egina oil field, Nigeria’s Oil Minister Emmanuel Kachikwu said in an interview with S&P Global Platts earlier this week.

“Hopefully, that should lift us closer to 2.15 million-2.2 million by the start of next year barring any unforeseen shutdowns,” Kachikwu said, adding that the country’s longer-term production goal is around 2.5 million bpd.

“I think you could see it creep up to 3 million b/d in the next eight to 10 years,” the minister told S&P Global Platts.

Kachikwu expects “relative stability” in Nigeria’s oil sector ahead and during the elections in February.

Following a wave of militant violence in 2016 and early 2017, Nigeria’s oil production started to recover in the latter half of 2017, when attacks on oil infrastructure subsided.

This year, after some hiccups and pipeline outages during the spring and early summer, Nigeria’s crude oil production has been steadily rising.

Crude oil production jumped by 74,000 bpd from its July level to average 1.722 million bpd in August, according to OPEC’s secondary sources. In September, Nigeria further boosted its crude oil production, by 26,000 bpd to 1.748 million bpd.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • Sudo on November 10 2018 said:
    That's rich, calling out the abject poor as thieves without acknowledging the oil companies and politicians reaping the wealth without sparing a dime for the community.

Leave a comment

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