Oil export operations at the Forcados terminal in Nigeria have been recommenced
At the Forcados terminal, Nigeria has recommenced the export of approximately 220,000 barrels of crude oil per day.
Maintenance work led to the closure of the terminal on July 12, 2023, following the observation of 'fumes' near a single buoy mooring where oil loading onto a vessel was taking place.
This development partly contributed to Nigeria's failure to meet the quota set by the Organization of the Petroleum Exporting Countries (OPEC) during that period.
As a result, the recommencement of exports at the Forcados terminal will have an impact on the nation's overall oil production. In July 2023, the production experienced a decline of 13.6 percent, averaging 1.08 million barrels per day, in comparison to the 1.25 million barrels per day recorded in June.
According to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) report for August 2023, this recent production figure represents a significant setback for the government, which had set a production target of 1.69 million barrels per day in the 2023 budget.
Furthermore, this production volume falls considerably below the production quota of 1.7 million barrels per day allotted to the country by the Organization of the Petroleum Exporting Countries (OPEC).
Upon closer examination of the data released by NUPRC, it becomes evident that the daily production of blended and unblended condensate oil in July stood at 38,258 barrels and 174,509 barrels respectively. It is worth noting that condensate oil production falls outside of Nigeria's OPEC production obligation.
Collectively, the daily average oil production for July reached 1.29 million barrels per day, signifying a decline of 12.8 percent in comparison to the total average daily production of 1.48 million barrels observed in June.
NNPC Limited had previously indicated its anticipation for oil production to reach 1.8 million barrels per day by the fourth quarter of the current year, as efforts and measures implemented to enhance production begin to yield positive outcomes.
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