• 3 minutes Could Venezuela become a net oil importer?
  • 7 minutes Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 12 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 4 hours Oil prices going Up? NO!
  • 1 day Could Venezuela become a net oil importer?
  • 8 hours Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 4 hours Tesla Closing a Dozen Solar Facilities in Nine States
  • 2 hours Renewables to generate 50% of worldwide electricity by 2050 (BNEF report)
  • 5 hours Could oil demand collapse rapidly? Yup, sure could.
  • 1 day Gazprom Exports to EU Hit Record
  • 2 hours Oil prices going down
  • 1 day EU Leaders Set To Prolong Russia Sanctions Again
  • 1 day Why is permian oil "locked in" when refineries abound?
  • 1 day Oil Buyers Club
  • 2 days Saudi Arabia plans to physically cut off Qatar by moat, nuclear waste and military base
  • 3 hours Saudi Arabia turns to solar
  • 1 day EVs Could Help Coal Demand
  • 2 days China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 20 hours Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
OPEC Edges Closer To Production Agreement

OPEC Edges Closer To Production Agreement

A successful OPEC agreement in…

Shell Stops Production At Major Nigerian Field Until April

Deepwater Bonga field

Shell’s Nigerian subsidiary announced it has shut down for maintenance the Bonga field, which has the capacity to produce some 225,000 barrels of crude daily, until April. The company provided no further details, but Nigerian media estimated the daily loss in revenue at $10.95 million (3.45 billion naira) at current oil prices.

The managing director of Shell Nigeria Exploration and Production Co. was quoted as saying that the temporary suspension will reduce the need for unscheduled work stoppages, ensuring consistent production in the future.

The Bonga field is the first deepwater oil field that’s being developed in Nigeria, and is responsible for exporting an average 200,000 barrels per day. The news about the work suspension was not unexpected, Reuters noted, as no exports from the FPSO at the site were scheduled for March.

In addition to crude, the Bonga field also yields some 150 million standard cu ft of natural gas.

The news comes on the heels of reports that Shell is reluctant to reopen its Trans Forcados oil pipeline, which was the target of militant attacks over the past couple of years. The pipeline feeds 400,000 barrels of Nigerian crude daily into the Forcados export terminal, and in the past four months has only been in operation for about three weeks because of the attacks.

Related: Fund Managers Value Aramco Below $1.5 Trillion

In February, Nigerian Oil Minister Ibe Kachikwu announced between $50 billion and $100 billion in lost oil revenues due to the series of militant attacks on oil pipelines and related facilities in the Niger River Delta.

Progress in the negotiations between the federal government and Delta militant groups has been uneven, but lately there are indications that the sides could reach an agreement that would put an end to the attacks.

The latest news in this respect was an announcement from Acting President Yemi Osinbajo about plans to build a $20-billion gas industrial park in the Delta, creating a quarter of a million direct and indirect jobs.

By Irina Slav 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