Nigeria is to see an increase in its crude oil exports in March, as Eni has lifted its force majeure on Brass River crude and Shell has reopened the Trans Niger pipeline, Oil Review Africa reported. The scheduled exports include 62 cargoes, up 3 cargoes compared with February.
As 80% of Nigeria’s government’s overall revenues come from the oil industry, the country continues combating vandalism and piracy on its crude pipeline networks, informed Platts. The illegal oil and gas trading has robbed the country of 250,000b/d of oil annually and of an estimated $6b a year in revenue. It has also caused pipeline shutdowns, most recently of Kaduna and Port Harcourt refineries due to attacks on the Escravos oil pipelines in early January. Nigeria’s Federal Ministry of Power, Works and Housing has revealed that the damage to pipelines is costing the country $400,000 per day, while repairs to the latest damaged pipeline were estimated to cost more than $600,000.
While Nigeria has the capacity to produce up to 3.2mb/d of crude, thefts have limited its production to around 2mb/d, according to oil industry officials.