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Nigeria’s daily oil exports hit 2.05 million barrels in 2014

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Refinery-----CopyDespite United States’ refusal to import crude oil from Nigeria due to its shale boom, the country exported 2.05 million bpd of crude oil and condensate to Europe and India in 2014.

The United States traditionally had been the largest importer of Nigerian oil until the last few years. It changed from being the largest importer of Nigerian oil in 2012 to the 10th largest in 2014.

India is now the largest importer of Nigeria’s oil, purchasing about 370,000 bpd or 18 per cent of Nigeria’s total crude exports in 2014.

The International Energy Information Administration (IEA), in its 2015 report on Nigeria oil and gas sector, stated that Europe continued to be the largest-regional importer of Nigerian oil, importing slightly more than 900,000 bblpd or 45 per cent of the exports in 2014.

According to the report, the United States typically imported between nine per cent and 11 per cent of its crude oil from Nigeria before 2012. However, this share has fallen, and in 2014, U.S. imports of Nigerian crude oil accounted for less than one per cent of total U.S. crude oil imports.

It stated that Nigeria in the past has been an important oil supplier to the United States, but the absolute volume and the share of U.S. imports from Nigeria have fallen substantially. “The United States imported an average 60,000 bpd of crude oil from Nigeria for the first 11 months of 2014, the lowest amount since the United States started importing Nigerian crude in 1973 and more than a 90 per cent drop from the average volume imported in 2010.

“As a result, Nigeria fell from being the 5th-largest foreign oil supplier to the United States in 2011 (accounting for nine per cent of U.S. crude imports) to the 10th in 2014 (accounting for less than one per cent of U.S. crude imports). The growth in U.S. light, sweet crude oil production from the Bakken and Eagle Ford has resulted in a sizable decline in U.S. imports of crude grades of similar quality, such as Nigeria’s crude oil.

“As U.S. imports of Nigerian oil decreased over the past few years, European imports increased. European imports of Nigerian crude and condensate increased year-over-year by more than 40 per cent in 2011 and by 30 per cent in 2012, making Europe the largest regional importer of Nigerian oil by far. The European embargo on Iranian crude imports and sporadic supply disruptions in Libya contributed to Europe’s increased oil imports from Nigeria”, it said.

It disclosed that Nigeria is the largest holder of proved natural gas reserves in Africa and the ninth-largest holder in the world. Nigeria produced 1.35 Tcf of dry natural gas in 2013, ranking among the world’s top 30 largest natural gas producers.

According to the report, natural gas production is constrained by the lack of infrastructure to monetize natural gas that is currently being flared.

According to the report, despite holding a global top-10 position for proved natural gas reserves, Nigeria produced 1.35 Tcf of dry natural gas in 2013, ranking among the world’s top 30 largest natural gas producers.

“Natural gas production is constrained by the lack of infrastructure to monetize natural gas that is currently being flared. Most natural gas reserves are located in the Niger Delta. The natural gas industry is also affected by the same security and regulatory issues that affect the oil industry.

“Dry natural gas production in Nigeria grew for most of the past decade until Shell declared a force majeure on natural gas supplies to the Soku gas-gathering and condensate plant in November 2008. The Soku plant provides a substantial amount of feed gas to Nigeria’s sole LNG facility. Shell shut down the plant to repair damages to a pipeline connected to the Soku plant that was sabotaged by local groups siphoning condensate. The plant reopened nearly five months later, but it was shut down again for most of 2009 for operational reasons.

“As a result, the plant’s closure led to a reduction in Nigeria’s natural gas production, particularly from Shell’s fields in the Niger Delta, and a decline in LNG exports in 2009. Natural gas production gradually grew after 2009, and it reached its highest level of 1.5 Tcf in 2012. In 2013, production fell by 10% to 1.35 Tcf because of supply disruptions and a temporary blockade on Nigeria’s LNG shipments, which also led to a corresponding fall in exports and, to a lesser extent, domestic consumption. Nigeria consumed 490 billion cubic feet (Bcf) of dry natural gas in 2013, about 36 per cent of its production.



1 Comment
  • Sunny0099

    3 DAYS TO PRESIDENTIAL ELECTIONS!!!
    GROWING REASONS WHY JONATHAN MUST LOSE THIS ELECTION…..
    1. The Chibok Girls
    2. NNPC AS GOVT ATM
    3. Police pension fund
    4. Missing $20Billion
    5. $9million Arms deal Embarrassment in SA
    6. EKITIGATE Election fraud
    7. Immigration job SCAM (He is just meeting the victims and dolling out money )
    8.DEPLETING External Reserves.
    9. Devaluation of Naira to N250 to a $
    10. Oil theft Increase
    11. REWARDING THIEVES with NATIONAL honours and appointments
    12. CRIPPLING OF THE EFCC
    13. REFUSAL TO FIX NIGERIAN REFINERIES
    14. Skyrocketed ELECTRICITY Bills
    15. POLARIZATION OF NIGERIA LABOUR CONGRESS
    16. STEALING IS NOT CORRUPTION
    17. National Assembly INVASION by Police
    19. Stella Oduah Aviation Scam (THE BULLET PROOF CARS…)
    20. Kerosene subsidy
    21. Last minute fighting of Insurgency
    22. Sentencing soldiers to death for asking for weapons to fight
    23. Directly supporting and paying 10million USD as salary to terorist Asari and Terrorist Tompolo amongst others
    24.
    Palling around with boko haram chieftains in Niger and Dafty’s
    inability to capture, extract information and bring to justice a singe
    captured boko haram fighter up till today
    25. Mrs Dafty’s personal terrorist bombing campaigns in Rivers state (Stoning the opposition)
    26.
    Dafty’s work for the benefits of enemies of Nigeria – Handpicking
    Abacha’s son as PDP candidate for Kano, stoppng FaniKayode,treasury
    looting case and appointing him in his campaign, supporter of Anenih,
    IBB, and other treasury looters who should be in jail
    27. Conversion
    of MOPOL to Meiguard of the rich while the poor wallow in abject
    insecurity; and using regular police, eg. Mbu, as political thugs!
    28.
    Postponing elections by refusing to provide security when in fact,
    elections will last for only one day, and the entire armed forces and
    police in Nigeria could have been deployed to secure just that 10hrs of
    the election day.
    29. Sending troops to look for Sambisa forest in Tinubu’s Ikoyi house
    30. Giving AIT 10billion to air false and negative videos on APC.
    31. REJECTION OF THE CARD READER.
    32. CONFIRMATION OF [ Obanikoro ]THE ELECTION RIGGER as a MINISTER
    33. FAILURE TO PUBLICLY DECLARE his ASSETS saying “I don’t give a damn”
    34. BURNING OF INEC OFFICE.
    35. SPONSORING of ethnic MILITIAS TO STOP POLLS (e.g. MASSOB, OPC)
    36. EMBARASSING PHONE CALL to the Moroccan KING…
    37. Babysitting Boko Haram until it became the global threat it now is with ISIS.
    38. USING the Boko Haram fight as an alibi to further his political ambition.
    39. pardoning of Alams.
    40. Refusing to fight BH until 6 weeks ago.
    41. Refusing to visit NE and military post until 2 months ago

    42.President Jonathan met the National Debt at $26bn, today it is $70bn..
    Jonathan met Excess Crude account at $20bn today is $2bn.
    Jonathan met unemployment rate at 11.8%, today it is 24%.

    43. Jonathan met
    debt servicing at 10%, today debt servicing today is 20%.
    Jonathan met the Naira/Dollar rate at N119. The Naira/Dollar rate today
    is N225– N230.

    44. Jonathan met the poverty level 54%, today poverty level is about 71%.
    Jonathan met recurrent expenditure at 62%, today recurrent expenditure
    is 86%.

    45. Jonathan met the GDP Growth at 11%, today GDP Growth is about
    6%.
    Jonathan met petrol price N65, today petrol price is N87 following its
    recent reduction from N97.46. Today the stock market that was thriving before Jonathan came is down by
    N3.4trillion in 12 months.
    The prognosis for four more years under the same management looks
    nothing but dire

    46. Frittered Away N1 Trillion Of Tax Payers’ Money On Hate Campaign Trying To Defeat Idea Of Change
    47. Deploying SOLDIERS for ELECTION despite COURT ORDER to the CONTRARY