Thursday, February 3, 2011

Nigeria Oil Output Rises to 2.4 Million Barrels a Day

Nigerian output has risen to 2.4 million barrels a day of crude and gas condensate after security improved in the southern oil region, Nigerian National Petroleum Corp. said.

Nigeria’s “oil and gas industry has recorded tremendous growth and stability in the last nine month,” Austen Oniwon, group managing director of the state-owned company, said today in an e-mailed statement. Gas needs of power stations in the country are also being met, according to the statement.

Attacks by armed groups targeting the oil industry cut more than 28 percent of the country’s oil output between 2006 and 2009, according to data compiled by Bloomberg. Attacks subsided after thousands of militants campaigning for more local control of the delta’s energy resources accepted a government amnesty and disarmed in 2009.

Nigeria is Africa’s largest oil producer and the fifth- biggest source of U.S. oil imports. Royal Dutch Shell Plc, Exxon Mobil Corp., Chevron Corp., Total SA and Eni SpA run joint ventures with NNPC that pump most of the country’s crude.

To contact the reporter on this story: Elisha Bala-Gbogbo in Abuja at

To contact the editor responsible for this story: Dulue Mbachu at

No comments:

Post a Comment