28 October 2011

Nigeria: Nation's Oil Export Rises to 2.18MBPD, Up From 2.05MBPD

Nigeria's crude oil exports are expected to increase to 2.18 million barrels per day (mbpd) in December, Dow Jones reported yesterday, quoting crude export programmes from the Nigerian National Petroleum Corporation (NNPC).

According to Dow Jones, 2.18 mbpd of crude are scheduled to load in December in 72 cargoes, up from the 2.05mbpd of 68 cargoes in November.

Trade sources hinted that 17 crude oil production streams in Nigeria are due to be shipped in December, with cargo sizes ranging between 250,000 barrels and 1,000 barrels.

However, an earlier report by Bloomberg showed that Nigeria will raise December exports of Bonny Light crude to seven cargoes from six consignments in November. The December plan, according to the report, comprises seven shipments of 950,000 barrels and one partial parcel of 200,000 barrels, for a total of 6.85 million barrels.

Further details showed that the country would also export 12 consignments of benchmark Qua Iboe oil and four of Escravos and seven full cargoes of Agbami crude.

Crude export for September and October had been delayed by 17 days following the declaration of a force majeure by Shell Petroleum Development Company (SPDC) on its Bonny Light crude exports on August 23 after several pipeline attacks.

Force majeure is a legal clause that allows a company to miss scheduled deliveries because of circumstances beyond its control.

Three shipments had been deferred to October from September, and two to November from October, a loading programme published by Bloomberg showed. One extra shipment was added to the October plan, while two were dropped.

As a result, exports for September had been reduced to three cargoes from six, while October shipments remained unchanged at eight lots, according to the schedule.

Exports of 18 main grades from Nigeria for October were raised to 69 cargoes totalling 2.07 million barrels a day, from 2.04 million barrels a day originally planned, according to the plan.

September shipments were revised to 2.06 million barrels a day from 2.23 million barrels.

Loading programmes are monthly schedules of crude shipments compiled by field operators to allow buyers and sellers to plan their supply and trading activities.

With Agencies

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