Nigeria, the largest oil producer in Africa, has no reserve capacity because the country has ordered that all of its producing fields be placed onstream to meet quotas determined by the Organization of Petroleum Exporting Countries (OPEC).
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Nigeria Production Shut-in Amounts to 1 mln bpd Now
Nigeria and JV partners may be losing $90 million a day because of the shut-in
Nigerian National Petroleum Corporation shut-in increased from 600,000 bpd to 1 million bpd due to excessive force by militants in the Niger Delta.
Nigeria and JV partners may be losing $90 million a day because of the shut-in, the company said.
Nigeria, the largest oil producer in Africa, has no reserve capacity because the country has ordered that all of its producing fields be placed onstream to meet quotas determined by the Organization of Petroleum Exporting Countries (OPEC).
A source told The Guardian, a Nigerian daily news source, that the OPEC quota of 2.1 million bpd was easily met last year, but this year the capacity is "not there."
Nigeria, the largest oil producer in Africa, has no reserve capacity because the country has ordered that all of its producing fields be placed onstream to meet quotas determined by the Organization of Petroleum Exporting Countries (OPEC).
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