By Moses Patience Chat
Nigeria has resumed the export of about 220,000 barrels of crude oil per day at the Forcados terminal.The terminal was shut for maintenance on July 12, 2023 after workers saw ‘fumes’ near a single buoy mooring, where oil was being loaded onto a vessel.
The development contributed partly to the inability of Nigeria to meet the quota of the Organization of Petroleum Exporting Countries (OPEC) during the period.
Consequently, the resumption of export at Forcados would impact on the nation’s total oil production, which fell by 13.6 per cent to average 1.08 million barrels per day in July 2023 compared to 1.25mbpd recorded in June.
According to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) August 2023 report, the latest production figure is a major setback for the government which has a production target of 1.69 million barrels per day in the 2023 budget.
The NUPRC report also noted that the volume of production is also significantly lower than the 1.7 million barrels per day production quota allocated to the country by OPEC.
A further look at the data released by NUPRC also revealed that blended and unblended condensate oil daily production in July were 38,258 barrels and 174,509 barrels respectively.
In total, daily average oil production in July was 1.29 million barrels per day, a 12.8 percent drop when compared to total average daily production of 1.48 million barrels in June.
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