[size=18pt]Oil exports on course despite militants’ attacks[/size]


By Omoh Gabriel, Business Editor, with agency reports

Nigeria in May exported 1.89 million barrels per day, contrary to fears that crude export has dropped to as low as 1.3 million barrel per day. Data released by Windward, a maritime intelligence firm showed that Nigeria’s crude oil exports in May dropped by just 62,000 barrels per day (bpd) from April, with exports still reaching 1.89 million bpd.

Windward tracks all exports coming from Nigeria including crude oil, condensates and ship-to-ship transfers, so its figures are nearly always higher than estimates of crude oil production alone. But its figures indicate that Nigeria exported between 300,000-500,0000 bpd more than what OPEC and other agencies thought it had produced in May. Repeated militant attacks Nigeria, according to the firm, kept exporting crude oil at a largely steady pace in May, though below historical levels, despite repeated militant attacks on its infrastructure that drove output down to 30-year lows and helped global prices rise, the data showed.

The data from the maritime intelligence firm, Windward, and Thomson Reuters revealed a far smaller drop in exports from April to May than most in the market had suggested. It suggested that Nigerian oil production is more resilient than many thought. The oil industry has been grappling with a spate of militant attacks that took out the Forcados crude oil stream in February and affected Bonny Light, Brass River and Escravos in May, mainly by targeting pipelines taking crude to export terminals.

An accident on the terminal exporting Qua Iboe, its largest oil stream, further knocked production and led the International Energy Agency (IEA) to declare May production at 30-year lows of 1.37 million bpd. But Windward showed May exports dropping by just 62,000 barrels per day (bpd) from April, with exports still reaching 1.89 million bpd.

The figures are significant, particularly as the government announced a 30-day ceasefire with militants yesterday that could forestall further attacks on oil sites. “It was the gains from small fields that offset declines from others,” said James Davis, head of crude supply at FGE Energy. “The disruptions in the fields that were out was pretty much what we expected. What we didn’t expect was the marginal increases in other fields.” Reuters data showed total exports in May at roughly 1.67 million bpd, down from 1.77 million bpd in April, and also a rise in exports of grades including Bonga, Agbami, Antan, Amenam, Okwori that helped offset the losses.
The figures remain sustantially below the close to 2 million bpd Nigeria has exprted in the best of times. Still, they suggest that many industry observers, for example the “secondary sources” polled by OPEC that pegged Nigeria’s May production at around 1.4 million bpd, were overly pessimistic about its ability to keep pumping.

Trade sources noted that some of the oil could have come from crude stored at export terminals and on ships offshore. But these volumes are not typically substantial in Nieria, and most traders noted that oil kept flowing from streams that had been repeatedly attacked, including Bonny Light and Brass River, while the Qua Iboe outage was shorter-lived than expected. According to Windward data, 22 million barrels exported in the last 10 days of May pushed exports closer to par with April. Davis said the full ramifications of Nigeria’s unrest remain unclear. The rise in Qua Iboe exports would be offset by further declines in Bonny Light and Brass River, both of which have faced additional strikes. “The real impact would be whether there is damage at a field level that is significant enough to have a long term impact” Davis said.

http://www.vanguardngr.com/2016/06/oil-exports-course-despite-militants-attacks/

Nigeria is moving ahead! Enemies of progress will not like this. No wonder the FG was not even shaking, they knew all along.

The fg just use style tell those militant to suck there dickk.they should keep bombung while nigeria move on.nobody got there time.

You mean after all the bombs?? which kind falling of hands be dis?

Don't worry.....the missiles are loading

Bloody liars...

What a soothing news!

Nigeria exported gini ?

abg mk una fine better lie lie Na


even the dollar increase is an evidence that Nigeria oil export suffered a hard blow !!

iamDiabolic:
The fg just use style tell those militant to suck there dickk.they should keep bombung while nigeria move on.nobody got there time.

Its not the FG, it is Vanguard stoking tension. The security agencies in Nigeria needs to put Vanguard under the spotlight. They tactically support anything working against the interest of Nigeria as a single entity. I had always suspected that the effects of the bombings were not as serious as portrayed by the media. It was a strategic strategy by the FG. The FG also knows this but kept quiet, Vanguard has now put it upon itself to announce to everybody that our production was just affected a little by the bombings.

Vanguard was also the first to announce to the whole world (including the militants) that the FG has gone ahead to repair the NPDC pipelines that were bombed. And they even did the reportage in a way to spite the militants and spurn them to rebomb the place.

I have been studying the way Vanguard reports its news since last year, they are usually styled to invoke tension. There report of anything Biafra is also in that way. They go the extra mile to work on the emotions of both pro and anti Biafra elements by their pathetic headlines. And whenever Biafra/fulani herdsmen/militant news comes up, they usually over-flog it just to sustain the tempo of exchange of ethnic/tribal bashings.

Nigeria will definitely survive whether haters of the PMB administration likes it or not. By 2019 when Buhari is overwhelmingly re-elected by Nigerians, NDA, Ipob, red scorpion and other wailing groups will cover their bigoted faces in shame.

when they are tired with the bombing, they will rest but one thing is certain, Nigeria will keep moving forward.
whether the bokoharam was largely sponsored by the northern leaders or political gladiators from across the country regardless of tribe, the fact remains that the north east feel the heat most.
lesson- dont let anyone put your house on fire just to settle his difference with the man who's farm is by your house

Ntoooorrrrr!!! Nigeria will defeat all the Jonathanians masquerading as Ipob, Niger delta avengers and their paid criminal posters on nairaland .God bless my fatherland Nigeria

they keep giving zombies hope over the media with their false news & deceits.

Achuwa1:
they keep giving zombies hope over the media with their false news & deceits.

vanguard is now pro apc abi?

Blizzy9ja:
Bloody liars...

Could be "Palm Oil", oil na oil.

Soon the Ijaws will see how foolish they have been.

Akwa Ibom, Rivers, Abia, Imo and Ondo and Lagos States are increasing their crude production output,
Avengers can continue to spill oil into their own environment nobody will pity them later

good news for naija

Nice

agabusta:


Its not the FG, it is Vanguard stoking tension. The security agencies in Nigeria needs to put Vanguard under the spotlight. They tactically support anything working against the interest of Nigeria as a single entity. I had always suspected that the effects of the bombings were not as serious as portrayed by the media. It was a strategic strategy by the FG. The FG also knows this but kept quiet, Vanguard has now put it upon itself to announce to everybody that our production was just affected a little by the bombings.

Vanguard was also the first to announce to the whole world (including the militants) that the FG has gone ahead to repair the NPDC pipelines that were bombed. And they even did the reportage in a way to spite the militants and spurn them to rebomb the place.

I have been studying the way Vanguard reports its news since last year, they are usually styled to invoke tension. There report of anything Biafra is also in that way. They go the extra mile to work on the emotions of both pro and anti Biafra elements by their pathetic headlines. And whenever Biafra/fulani herdsmen/militant news comes up, they usually over-flog it just to sustain the tempo of exchange of ethnic/tribal bashings.

the same thing Sahara and nation are doing or where doing

That's Good News

militants may take their anger to the press as this may be bad news that defeats their purpose.

Who really took those tweeter militants serious??
If they are serious they should know what to bomb until then they are like butterflies

there is nothing to fear about. The are covered...

This is why we are begging them to keep bombing themselves back to the dark ages.

Rivers polluted, Fishes dead, Eco-system destroyed, Water table polluted, Aquifer contaminated, Villagers displaced...yet Nigeria keeps smiling to the bank $$$

I heard the Ugandans have collected the baton....bombs away boys!

Contrary to fears that crude export has dropped to as low as 1.3 million barrel per day. Data released by Windward, a maritime intelligence firm showed that Nigeria’s crude oil exports in May dropped [size=14pt]by just 62,000 barrels[/size] per day (bpd) from April, with exports still reaching 1.89 million bpd.

Laugh wan tear my belle!!