- Nigeria and her Joint Venture (JV) partners which include ExxonMobil, Shell, Chevron, Agip, Total and others, earned $3.44 billion from crude oil export in June 2015 going by the daily production output of 1.903 million bpd at the monthly average price of $60.21 per barrel for the month of June.
- As at press time, the data of stranded cargoes for June is not yet available but barring any incidence of stranded cargoes for the month, Nigeria and her Joint Venture (JV) partners should earn about $3.437 billion from crude oil export for the month of June.
- Meanwhile, the country’s crude oil production increased by 87,400 barrels per day (bpd) for the month of June, signposting President Muhammadu Buhari’s first month in office.
- The country’s crude oil production moved from 1,816,000 barrels per day for the month of May to 1,903,000 bpd for the month of June, according to data based on secondary sources released in the latest OPEC Monthly Oil Market Report.
“The increase in Nigeria’s output for June is marginal. However, it may not be unconnected with the reduced level of vandalism of the pipelines and reduced crude oil theft, as a result of the Nigerian Navy’s renewed onslaught on crude oil thieves.
- Other industry experts say the increase in power output levels is largely due to the rainy season peaking and water flows from there helping to power the hydro station turbines.
- Source: Business Day