October 19, 2018

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Oil export falls to 21,000bpd

Oil export falls to 21,000bpd

Italian oil major, Eni, yesterday declared force majeure on 21,000 barrels per day Brass River crude oil stream, translating to revenue losses by Nigeria and other equity stakeholders valued at N411.6 million ($2.058 million) in two days.

A spokesperson for Eni said in a mail that the Brass facility was shut down after a Sunday evening attack, which is the second in one week and 14th this year on major facilities of Eni’s subsidiary in Nigeria, Nigeria Agip Oil Company (NAOC). About 21,000 barrels per day (bpd) in total of the stream’s production were, according to the spokesperson, impacted by the blast, but just 4,200 bpd from Eni’s equity stake were out.

This, he added, amounted to roughly 20 per cent of the crude stream’s typical production, but is yet another blow to Nigeria’s oil exports, which have been hobbled by militant attacks over the past month. Read more 

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