Bonny, Forcados lead crude output as new grades gain traction

Nigeria’s crude oil production remained heavily concentrated in a handful of major terminals in September, with Forcados and Bonny Light accounting for the largest daily output among the country’s principal crude streams, while the newly introduced Cawthorne blend recorded a more than twofold increase in production from January to September, The PUNCH reports.

Data from the Nigerian Upstream Petroleum Regulatory Commission’s monthly crude oil and condensate production provisional report analysed by our correspondent on Friday, showed that Forcados produced an average of 295,550 barrels per day in September, while Bonny Light recorded 289,840 barrels per day. Their combined crude oil production stood at 585,390 barrels per day.

The two streams together accounted for about 38.3 per cent of Nigeria’s average crude oil production of 1.53 million barrels per day during the month.

Forcados’ output was 5,710 barrels per day higher than Bonny’s, representing a difference of about two per cent. Both terminals maintained their positions among Nigeria’s leading production hubs despite fluctuations in output during the year.

Qua Iboe was the third-largest contributor, producing 174,460 barrels per day in September. This was followed by Escravos, with 125,910 barrels per day, and Bonga, which recorded 100,430 barrels per day.

The figures highlight the importance of established production streams to Nigeria’s oil earnings, even as the country expands its portfolio of crude grades to attract buyers, diversify export routes and improve production.

The commission’s data showed that national crude oil and condensate production averaged 1.717 million barrels per day in September, up from 1.678 million barrels per day in August. The increase of 39,260 barrels per day represented a month-on-month rise of 2.34 per cent.

Crude oil alone rose from 1.500 million barrels per day in August to 1.530 million barrels per day in September, an increase of 29,600 barrels per day, or about two per cent.

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Blended condensate production, however, declined slightly from 54,740 barrels per day to 54,500 barrels per day, a fall of 240 barrels per day, or 0.44 per cent. Unblended condensate increased from 122,840 barrels per day to 132,740 barrels per day, a rise of 9,900 barrels per day, or 8.06 per cent.

The figures indicate that the September improvement in combined liquids production was driven mainly by higher crude oil and unblended condensate output.

Nigeria’s combined crude oil and condensate production began the year at 1.627 million barrels per day before falling to 1.484 million barrels per day in February. The February figure was the lowest monthly average recorded in the first nine months.

Production recovered in March, rising by 62,140 barrels per day, or 4.19 per cent, to 1.546 million barrels per day.

The recovery gathered pace in April, when output increased by 117,320 barrels per day, or 7.59 per cent, to 1.663 million barrels per day. Production rose further to 1.701 million barrels per day in May and 1.735 million barrels per day in June.

June was the strongest month in the period, with combined production reaching approximately 1.74 million barrels per day.

Output subsequently fell by 64,510 barrels per day, or 3.72 per cent, to 1.671 million barrels per day in July. It recovered marginally in August before increasing to 1.717 million barrels per day in September.