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Bonga Shipments to Boost Crude Oil Exports for Nigeria

By on December 6, 2012

 

Crude

In a bid to improve her  crude oil export potentials in the committee of Oil Producing Nations in the Globe, Nigeria has finalized plans to export five cargoes of its Bonga Crude from January 2013, even as demand for Oil has slipped.

This therefore brings a positive outlook for Nigeria’s petroleum sector’s viability even when it is going through diverse manners of challenges ranging from reforms to systematic changes.

Apart from the Bonga shipment, the Nation is expected to be involved in the shipment of Six Cargoes of Bonny Light crude in January which will serve the export supply demands policy for Crude Oil, even as it commits to the susteinance of its objective of meeting its required quota from OPEC (Organization of Petoleum Exporting Countries).

With the demand for World Crude Oil experiencing a relative, OPEC has forecasted 770,000 for the rate of the global demand for Oil, which means a lot of alternative plans for countries that solely depend on Oil  as their major revenue earner.

It can be recalled that Nigeria was hit by severe floods in the third quarter of this year, and it affected the Oil production Output of the country , but production has been restored back to the .4m bpd.

Minister  of Petroleum during the Flood period assured Nigerians that despite the natural disaster the Ministry will do everything  within its capability to ensure that production at the Bonga will commence early next year to complement the post-disaster effect and that has been achieved.

Nigeria’s decline in output between August and September following the natural disaster and also challenges in Iran and Saudi Arabia affected OPEC’s output production by 67,000  bpd meaning 30.9 million total barrels in lost production.

It is hoped that the Bonga operations will give Nigeria  another great opportunity to boost its external Oil Output production thereby increasing Oil revenue in 2013 and bringing commercial value to the petroleum sector.