Monday, August 23, 2010

Nigeria's Qua Iboe crude output set to rise

* Qua Iboe output recovers after pipeline leak

* Six Bonga, seven Forcados cargoes to load in October

LONDON,(Reuters) - Exports of Nigeria's Qua Iboe BFO-QUA crude oil were set to increase in October, loading programmes showed, in a sign that production of the country's benchmark grade has recovered after an outage earlier this year.

Qua Iboe output has been reduced in the last three months due to a pipeline leak which led ExxonMobil (XOM.N: Quote) to declare force majeure on exports in May. [ID:nLDE67A0R0]

The force majeure was lifted this month and the latest loading schedules suggest that output was back to levels reached before the leak, trade sources said.

Qua Iboe exports were expected to average around 398,000 barrels per day (bpd) in October, up from around 363,000 bpd planned for September, loading programmes showed.

There were 13 Qua Iboe cargoes of 950,000 barrels each due to be loaded in October.

Output schedules for two of Nigeria's other crude streams also emerged on Monday with Bonga exports due to rise to 189,000 bpd in October, up from the 158,000 bpd due in September.

Forcados output was due to average 197,000 bpd in October, largely steady from the previous month. (Reporting by Joe Brock; editing by William Hardy)

No comments:

Post a Comment