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Nigeria’s Oil Production Surges on Bonga Reopening

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  • Nigeria’s Oil Production Surges on Bonga Reopening

Crude oil production is gradually increasing following the reopening of Bonga crude pipeline that was shut down briefly in January, a spokesman for Shell Nigeria Exploration and Production Company stated on Monday.

The company shut down the pipeline in January to repair piping system, saying “further checks and ancillary repairs” means production is gradually ramping up.

Speaking on the matter, traders at the terminal said the maintenance had affected oil loadings, and a list of vessel loading showed the last cargo loaded was the Suexmax Sea Garnet in January. The Narmada Spirit is expected to load early this week, according to the loading plans.

Bonga terminal can produce 225,000 barrels per day of crude oil and 150 million standard cubic feet of gas if working at optimal capacity.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.