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Nigeria’s planned export of Bonny Light, Qua Iboe Crude Oil for May and June faces huge setback

Thursday, 19 May 2016 10:21

(Ecofin Agency) - Nigeria’s plan to export around 800,000 bpd of Bonny Light and Qua Iboe grade this month and in June, have been hindered by the damages to Shell's Trans Forcados pipeline, Chevron and Exxon Mobile export line.

The country, have postponed close to seven Escravos cargoes programmed to load in May and June this year.

Exxon Mobil is currently witnessing a decrease in its production of Qua Iboe, due to the damage to an oil-drilling rig.

Qua Iboe is the largest of all Nigeria's crude grades and was expected to account for 317,000 bpd of exports in June 2016.

Last week, Chevron’s platform in Niger Delta was attacked by militants forcing the company to shut-in about 35,000 bpd.

Meanwhile, the main setback for the country’s oil & gas industry started earlier this year, when Shell declared a force majeure on its 250,000 bpd Bonny Light grade of crude oil due to pipeline leakage.

A revival in militant attacks in the Delta region has reduced output by about 800,000 bpd to 1.4 million bpd and extremely reduced the nation's revenue.

At present, about 20 cargoes for May remained available. Grades available include Escravos, Bonny Light and Qua Iboe, the Guardian reports.

Anita Fatunji

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

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