Petroleum Africa
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Wednesday, May 11, 2016
Militant attacks have led to a slump in Nigeria’s crude production. The recent attacks by the Niger Delta Avengers have resulted in Nigeria experiencing a 20-year low in oil production. The country is capable of producing at a rate of about 2.4 million bpd but is currently seeing flows of 1.7 million bpd or less.
The attacks have also hampered Nigeria’s power generation capacity as it has taken deliveries of natural gas feedstock off the market. The twin attacks on Chevron’s oil and gas facilities in the Escravos area of Delta State resulted in a substantial part of an estimated 2 Bcf of gas being taken off the market. A good part of this gas is used to supply the domestic market for power generation and industrial uses.
Chevron previously confirmed that the first attack night on its valve platform, affected the Okan offshore production platform led to a shutdown of the facility.
Following the Ofan attack a pipeline transporting crude oil to Warri and Kaduna refineries and a 16-inch gas line, owned by the Nigerian Gas Company (NGC) were blown up.
The issues in Nigeria, as well as those in Libya, have led to a small rebound in crude prices; crude futures increased 2.8% in New York. There is also the almost 1 million bpd that has been taken off the market due to the wildfire raging in Alberta, Canada.
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