- Post by Admin on sunday, March 05, 2015
Nigeria's average daily crude oil and condensate production has dropped from the two million barrels per day (bpd) it recorded as at February to 1.6 million bpd in March. March Facts and Figures from the Ministry of Petroleum Resources attributed the reduction in crude oil production to the routine repair work going on at Shell Nigeria Exploration and Production Company Limited (SNEPCo) 250,000 bpd capacity Bonga Floating Production Storage and Offloading (FPSO).
There is expected to be a boost in the country's crude oil output in the coming months as SNEPCo announced last week that it has concluded its turnaround maintenance at the 225,000 bpd, Bonga FPSO, this month.
This current production level represents a shut fall of 600,000 bpd from the 2.2 mbp, which the Federal Government has set as benchmark in its 2017 budget. At the current price of $53 per barrels for Brent crude oil, Nigeria will be losing about $38.1 million daily to the reduction in production.