Nigeria’s oil and gas sector faces low exploration and drilling activities, with only two companies currently engaged in activities, revealed the Nigerian National Petroleum Corporation (NNPC).

The fall in exploration and production (E&P) can be attributed to low crude prices and the slashing of the Petroleum Industry Bill (PIB). In the last quarter of 2014 fiscal year, only Shell Petroleum Development Company (SPDC) and Addax carried out E&P activities in three wells for the months of December and November. In October only SPDC, Mobil Producing Nigeria and Addax carried out E&P activities rising the country’s  total production from wellhead at 55.71 million barrels.

The report stated that total crude oil and condensates lifting for both domestic and export was about 65.93 million barrels; 38.13 billion barrels from oil companies and 27.80 million barrels from the NNPC.

Nigeria has begun to export petroleum products to Europe, Asia, Africa, and South America. The country’s total production of natural gas stood at 221.63bscf,  higher than the November figure by 7.47 per cent, reported The Guardian.

Nigeria’s total LNG produced for the month of December was 85,079mt, with Mobil responsible for  51% and NNPC 49%. A total of 70,196mt was lifted for the month of December. The NNPC said that 1,044 thousand barrels of dry crude oil, condensate and slop was received by the three Refineries, KRPC, PHRC and WRPC.

The respective average capacity utilization during the month was 4.19 per cent, 19.24 per cent and 0.00 per cent for KRPC, PHRC and WRPC respectively.

Source: Egypt Oil and Gas