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Nigerian Production Off Much More in ‘08

Production in Nigeria declined slightly in ‘07 from ‘06 - about 110 kb/d, but it is off about 500 kb/d in ‘08 vs. ‘07.  Clearly the MEND and other criminal/protest forces are gaining the upper hand.

In a sense, Nigeria has really become the world’s “swing producer”.   The tightness of global oil supplies hinges as much on whether the Nigerian government can get control of its country as whether the Saudis increase their production or not.

Here is a recent report from Bloomberg

July 28, 2008, 9:33AM
Nigeria to ramp up oil exports by 14%

Bloomberg News

Nigeria, overtaken by Angola this year as Africa’s biggest oil producer, is scheduled to increase daily crude exports by 14 percent in September.

Loading programs show Nigeria is scheduled to ship an average of about 1.88 million barrels a day, compared with a revised average of 1.65 million barrels a day in August. Total exports will climb to 56.3 million barrels from a revised 51.2 million barrels in August.

Militant attacks on oil installations and pipelines have crimped Nigeria’s crude production. The nation typically pumps the light, sweet variety of oil favored by U.S. refiners for the quantity of gasoline it produces. Angola is expected to ship about 1.99 million barrels a day in September.

Nigeria’s September loadings include at least five cargoes originally scheduled to be shipped in August, totaling 4.4 million barrels. That accounts for 141,935 barrels a day of August production.

Nigeria pumped 2.36 million barrels of oil a day in 2007, compared with 2.47 million barrels a day in 2006, according to BP Plc’s Statistical Review of World Energy.

www.bloomberg.com

More on this topic (What's this?)
Gazprom And State Of Nigeria Create JV Named "Nigaz" (Zero Hedge, 6/25/09)
Nigaz: The Return (Zero Hedge, 7/2/09)
How to protect yourself from rising gas prices? (Dividend Growth Investor, 6/8/08)
Read more on Investing in Nigeria, Oil Prices at Wikinvest

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This entry was posted on Friday, August 1st, 2008 at 5:33 pm and is filed under Nigeria, oil supply. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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1 response so far ↓

  • 1 KV // Aug 2, 2008 at 6:39 am

    From BusnessWeek interview of William Clay Ford Jr.:

    …I think you go back to what I said earlier. It wasn’t until early April that customer behavior began to change, and then the train started moving very fast.

    And:

    I don’t think we’ll ever see a shift back to where we were before. There may be a small drifting back, but I think this is relatively permanent because a lot of it is psychology as well. It’s not just what the absolute price is. Once people have been shaken as they have been, even if gasoline comes back down to $3, people are still going to remember paying $4, and they’ll be very nervous about resuming their old habits. This is a permanent shift in the marketplace.

    Link: http://www.businessweek.com/magazine/content/08_32/b4095018293942.htm

    Driving less shifting to smaller cars, and soon you will see the frugal America coming back. Camel’s back is broken.

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