MILITANTS AT WORK: Nigeria’s Oil Production Drops To 22 Year Low
Nairametrics
Reuters is reporting that crude oil output from Nigeria is at its 22 year low. This follows a series of attacks on Nigeria’s oil infrastructure since Buhari became president.
According to the report; Shell workers at Nigeria’s Bonga oilfield in the southern Niger Delta were evacuated following a militant threat, a senior labour union official said on Monday, while attacks late last week forced Chevron to shut its Okan offshore facility, taking out 35,000 barrels per day (bpd).
While Shell said the latest unrest had not yet impacted production, its Forcados field is still closed and under force majeure following a February subsea pipeline attack, taking out 250,000 bpd.
The attacks have not reduced Nigeria’s oil production to as low as 1.69 million bpd in May, the lowest since at least June 2007, when production fell to 1.68 million bpd.
A small reduction from any field would quickly send output to the next low, seen in August 1994, when it hit 1.46 million bpd, according to the IEA data.
