Nigeria’s Output Down to 1.67million Barrels as Global Oil Price Climbs $50

Vice President Yemi Osinbajo has said oil production capacity is now at 1.67 million barrels per day against a budgeted 2.2 million bpd, which was further confirmed by the Minister of State for Petroleum Resources, Dr Ibe Kachikwu, during a special session with members of the House of Representatives.

The present status-quo which will hinder the Federal Government’s anticipated revenue is as a result of the renewed attacks on oil facilities by Niger Delta militants.

The NAOC on Tuesday declared force majeure on oil exports Brass crude, the second in a month.

Shell and ExxonMobil had earlier halted production temporarily following leaks and vandalism of oil pipelines. Shell declared force majeure after continued attacks on its Nembe Creek Trunk Line (NCTL).

Eni spokesperson confirmed the developments in a short e-mail. It said: “I can confirm the attack to the Ogbaimbiri – Tebidaba pipeline, with 4,200 barrels per day of production affected. I can confirm that force majeure has been placed on Brass oil exports from May 22, 2016.”

Nigeria’s oil production levels have been severely attacked by the activity of militants with the resurgence of militancy costing the nation as much as 800,000 barrels of crude oil per day.