Oil & Gas
Exxon ramped up output of Nigeria’s Qua Iboe crude after pipeline damage
Exxon Mobil has ramped up production of Nigeria’s Qua Iboe crude oil just over a week after pipeline damage forced it to slow output, traders said on Wednesday.
The company cut production, and declared force majeure on exports, after a drilling rig, experiencing mechanical difficulties, damaged the pipeline it jointly owns with the state-owned Nigerian National Petroleum Corporation (NNPC).
Traders said the company began increasing output of Nigeria’s largest crude oil stream earlier this week, with flows by Tuesday reaching 213,000 barrels per day (bpd), with a target of 250,000 bpd by Wednesday.
May exports were intended to reach 306,000 bpd after one cargo was deferred from the initial loading programme. Traders said the force majeure was still in place.
Big Read |