15 Apr 2016

KINGSLEY IGWE

Angola Now Africa’s Largest Oil Producer Beats Nigeria

oil-rig

Angola has taken over as the number one oil producing nation in Africa, displacing Africa’s largest economy- Nigeria.

The Organisation of Petroleum Exporting Countries (OPEC), in its latest monthly report, said Nigeria’s oil production fell by 67,000 barrels per day (bpd) in March.

Nigeria produced 1.677 million bpd in March, down from 1.744 million barrels in February, while Angola oil output rose from 1.767 million bpd to 1.782 million.

This is the second time in four months that Angola would overtake Nigeria’s crude oil production.

In November, OPEC’s statistics showed that Nigeria’s production fell by 250,000, making it produce 1.607 million bpd, down from 1.812 million bpd in October. While Angola produced 1.722 million bpd, compared to 1.607 million bpd the previous month.

Pipeline vandalism has been the major challenge in Nigeria’s oil production.

In February, saboteurs hit the pipeline feeding Forcados crude oil, one of Nigeria’s biggest export terminals.

Forcados, which has the capacity to export about 400,000 bpd, was scheduled to export some 249,000 barrels of oil per day in February and March. The facility was later shut and is yet to begin operation.

On Wednesday, President Muhammadu Buhari warned vandals blowing up oil and gas installations to desist immediately or face the same drastic action being taken against Boko Haram.

KINGSLEY IGWE

About KINGSLEY IGWE -

I've even gone so far as to verbalize it specifically, time is too precious to waste on trivial arguments and negativities. I'd rather get on to the more fun and rewarding stuff right away!

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