Nigeria says no to OPEC cuts
Nigeria The country had been exempted from the OPEC production cut deal as it tries to raise production after militant disruptions to production and pipelines, and consequently to refineries, had left Nigeria unable to meet its contractual obligations with international buyers.
In July, Nigeria said it would voluntarily cap production at 1.8 million bopd. The minister said Wednesday that the country was producing 1.6 million bopd.
“It is very unlikely that I see stability that convinces me with certainty that I should exit the exemption between now and March,” Reuters quoted him as saying.
According to OPEC secondary sources figures, Nigeria had raised production from 1.71 million bopd in June 2017 to 1.75 million in July. Direct communications put the figures somewhat lower at 1.56 million in June and 1.67 million in July.
Recent Posts
UK allows oil exploration in North Sea wind project zones
The UK's hydrocarbons regulator has awarded 31 new exploration licences in the country's North Sea waters, Reuters reported on Friday Read More
ExxonMobil closes acquisition of Pioneer, creating Permian powerhouse
ExxonMobil announced the closing of its USD 60-billion acquisition of Pioneer Natural Resources on Friday, a move that solidifies its… Read More
BP-Eni joint venture Azule Energy enters Namibia’s Orange Basin
BP-Eni joint venture Azule Energy has entered a strategic farm-in agreement with Rhino Resources in Namibia's offshore Orange Basin, the… Read More
Chariot starts gas drilling campaign in Morocco
Africa-focused energy group Chariot has spudded the RZK-1 exploration well on the Gaufrette prospect at the Loukos Onshore licence in… Read More
Touchstone acquires Trinidad E&P player Trinity
Touchstone Exploration has acquired Trinidad-focused Trinity Exploration & Production in an all-shares deal, the Canadian upstream player said on Wednesday Read More
ExxonMobil “optimistic and pushing forward” with Mozambique’s Rovuma LNG
ExxonMobil is "optimistic and pushing forward" with the Rovuma LNG project in Mozambique and eyes an FID by the year's… Read More