Nigeria oil production rising significantly.....a few reads....looking better
Nigeria’s crude oil export to grow by 26%
Posted by: Editor in Upstream 0
Nigeria’s crude oil export has been projected to rise significantly this year following India’s growing appetite for Nigeria’s oil.
Experts have projected that India’s import of Nigeria crude oil would likely grow by 26 percent to reach 116.8 million barrels in 2014.
World Oil Outlook 2013 report released by the Organisation of Petroleum Exporting Countries (OPEC) revealed that India’s demand for crude oil is to grow by 3 percent from 3.8 million barrels per day in 2013 to 3.9 million barrels per day in 2014, with Nigeria accounting for 8.2 percent of India’s import in 2014.
The report indicated that this figure is equivalent to 0.32 million barrels of oil per day (mbpd) or 116.8 million barrel for the year under review.
State controlled oil firm the Nigerian National Petroleum Corporation (NNPC) quarterly petroleum information showed that in the first three quarters of last year, India had the top spot of Nigeria crude oil export with importation of 73.12 million barrels, equivalent of 13 percent of Nigeria total export during the period.
The NNPC is anticipating that when the last quarter report for 2013 is released India’s import figure may be as high as 92.49 million barrels.
This the firm said implies that India import from Nigeria will increase by 26 percent to 116.8 million barrels by 2014 all other factors remaining constant.
It is also projected that Nigeria’s share of India import will increase from 8 percent in 2014 and 2015 to 10 percent in 2016.
This position is supported by analysis carried out by energy research firm, Platt, on India.
The Platt holds the view that India is the single-largest importer of Nigeria crude.
According to Richard Swann, editorial director of London-based Oil News, a Platts publication, “the emergence of India as the largest consumer of Nigerian crude occurred rapidly over the past years.”
The NNPC’s quarterly report further showed that India crude oil imported from Nigeria in the first three quarter of 2013 was more than US crude oil imported in the same period by 3.64 million barrels, total Africa import by 11.88 million barrels, total South America by 5.01 million barrels and total Oceanic pacific by 60.84 million barrels.
https://energymixreport.com/nigerias-crude-oil-production-increases-by-214-5mbpd/
Nigeria’s crude oil production increases by 214.5mbpd
Nigeria’s crude oil production has increased from the 1.7 million barrels per day (mpd) recorded in January to 1.9mpd in February this year, representing 214.5 barrels per day increase from the previous month.
Nigeria recorded 281.7 barrels per day increase in its January report, compared with what it recorded in December 2013.
The Organisation of Petroleum Exporting Countries (OPEC), in its February monthly report, stated that global demand will rise by 1.09 million barrels per day (bpd) this year, up about 40,000 bpd from its previous forecast.
Nigerian crude oil export steadies as demand from Europe, India rises
February 22, 2014 | Filed under: Energy,main story,Oil | Author: Femi Asu with Agency Reports
Buoyed by growing demand from Europe and India, Nigerian crude oil export for March loading have sold well with less than 10 cargoes unsold from the March programme.
More Nigerian crudes are expected to head to Europe in March compared to February, which was boosting some of the Nigerian light sweets, sources told Platts. Europe is the largest regional importer of Nigerian oil.
West African Suezmax freight rates have fallen sharply in the last months, making the West Africa-to-Europe arbitrage more economical.
Freight rates for a Suezmax on a West Africa-to-Northwest Europe route were pegged near Worldscale 50-55 Wednesday, a fall of almost w80 points since early January.
At least 25 cargoes or 36 percent of the Nigerian cargoes loading in March will be going to Europe, compared with at least 15 to 17 cargoes or 25 percent in February, according to Platts tracking data.
“There are not many Nigerian cargoes left from the March programme. There are less than 10 cargoes remaining, but these cargoes are stuck a little now because of a lack of activity. But the market has been stable because freight has come down a lot which has meant some more cargoes will go to Europe”, said a trader.
Some of the grades still available included Bonga, Bonny Light, Qua Iboe, Forcados and Antan, traders added.
Twelve Nigerian crude cargoes, each carrying close to 1 million barrels, will be going to India in March, making it more than 16 percent of the export programme compared to nine or 15 percent in February, the tracking data showed.
Indian Oil Corporation has already bought up to 8 million barrels of West African crude for April loading, the majority from Nigeria, which should continue to support the market.
India’s import of Nigeria crude oil is projected to grow by 26 percent to reach 116.8 million barrels in 2014 all things being equal, according to BusinessDay Research and Intelligent Unit (BRIU) in its current edition of Nigerian Oil and Gas Industry Report yet to be released.
The Nigerian National Petroleum Corporation (NNPC) quarterly petroleum information shows that in the first three quarters of 2013, India had the top spot of Nigeria crude oil export with import of 73.12 million barrels.
Last year, India emerged as the single largest importer manageof crude oil from Nigeria after significant drop in United States’ (US) imports from the country as production from shale resources in the US continued to surge.
For the past decade, the US imported between 9 percent and 11 percent of its crude oil from Nigeria. However, this share fell to an average of 5 percent in 2012 and 4 percent from January to August 2013. As a result, Nigeria fell from being the fifth largest foreign oil supplier to the US in 2011 to eighth in 2013, according to the Energy Information Administration (EIA).
As US imports of Nigerian oil decreased over the past few years, European imports increased, the EIA said, adding that European imports of Nigerian crude increased by more than 40 percent in both 2011 and 2012 and were 626,000 bpd and 889,000 bpd, respectively.