Nigeria's Oil Production Volume To Face 30-Day Backlash
Nigeria may not realise its dreams of increasing its crude oil production volume.
Nigeria was already rejoicing that crude oil production volume will soon hit 2.1 million barrels per day since militants have stopped blowing up pipelines. But this may not be after all.
This is because, crude oil mining giant, Shell Nigeria Exploration and Production Company has stopped production at one of its oil fields in Bonga.
This is however for maintenance, which it says will last at least one month.
SNEPCo said in a statement that Bonga, which has capacity to produce 225,000 barrels per day of oil and 150 million standard cubic feet of gas, is expected to resume production at some point in April, without giving further details.
Market sources had expected work on the field because there were no exports planned in March, compared with typical exports of roughly 200,000 barrels per day. Bonga produced an average of 192,500 barrels per day of oil in 2015, according to the latest annual data from NNPC.