In view of the recent floods in Nigeria
that have plagued several areas of the country particularly the oil-rich
Niger Delta, reports have emerged that Nigeria is losing about
$43million or N6.75billion daily to production cut back. Industry
regulator, Department of Petroleum Resources (DPR) announced that the
country’s daily production fell by about 18 per cent from 2.6million
barrels daily to 2.1 million barrels per day, even as it plans to hold a
new licencing round by the year end to boost production reserves. In a
related development, Shell, Nigeria’s biggest producer, last week
declared force majeure, a legal condition which frees it from
contractual obligations on Bonny Light and Forcados exports, two of the
country’s most important oil grades, which accounted for 427,000 bpd or
20 per cent of the nation’s total exports of 2.048 million bpd in
October.
0 comments:
Post a Comment