Nigeria's Production Falls Below 1 Mb/D - Cannot Meet OPEC Production Quota

[hatrack]

There are strong indications that Nigeria, the sixth biggest oil producer in the world and Africa’s biggest oil producer, can no longer meet the Organisation of Petroleum Exporting Countries (OPEC) production quota.

The country’s current production level has dropped below 1 million barrels per day (mbpd) owing to frequent shut-ins due to renewed attacks on oil facilities in the Niger Delta region. Prior to the escalation of violent attacks on oil installations, Nigeria produced between 2.5 and 2.6 million barrels of crude oil per day.

The country with its abundant oil potentials has the capacity to produce about 3.2 million barrels of oil per day.
Between late last year and January, this year, Nigeria’s crude production had appreciated following a directive by the Federal Government that oil companies operating in the country should increase output from the deep offshore fields.

EDIT

An official of the Ministry of Energy confirmed last night that, “Nigeria at the moment cannot meet OPEC quota, because production has gone down below 1 million barrels per day.” “How can we meet the OPEC quota when we now produce less than 1 million barrels per day. This is the lowest level so far recorded. There is serious problem and it does not look like the end is near. “Only recently, Bonga field was attacked. We are yet to recover from that one. The militants have continued their attacks, and others facilities have been hit.

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http://www.thisdayonline.com/nview.php?id=118291