Nigeria's 2012 Petroleum Exports Valued at N15.1 Trillion

Federal Republic of Nigeria petroleum minister., a photo by Pan-African News Wire File Photos on Flickr.

Nigeria’s 2012 petroleum exports valued at N15.1 trillion

MONDAY, 12 AUGUST 2013 21:21 BY ROSELINE OKERE BUSINESS SERVICES
Nigerian Guardian

THE Organisation of Petroleum Exporting Countries (OPEC) has put the value of Nigeria’s petroleum exports in 2012 at $94.64 billion (N15.1 trillion).

OPEC in its Yearly Statistical Bulletin for 2012 released at the weekend put the country’s value of export at $142.52 billion and value of import at $35.71 billion.

According to OPEC: “Nigeria’s natural gas exports increased from 25,941 million standard cubic feet in 2011 to 28,266 million standard cubic in 2012, representing nine per cent increase from the previous year.

It disclosed that Nigeria’s natural gas gross production increased from 84.004 million standard cubic feet (mscf) in the previous year to 84.845 mscf in the year under review.

The country marketed gas production was put at 42.571 mscf; flared 13.182 mscf; re-injected 20.520 mscf and had shrinkage of 8.573 mscf in 2012.

The report said that the country produced 1.954 million barrels per day of crude oil in 2012, representing a decrease of one per cent from the 1.974 mpd it recorded in the previous year.

Also, in its August monthly report released at the weekend, Africa’s oil production is anticipated to increase by 80 tbpd in 2013 to 2.39 mbpd, unchanged from the previous month.

It added that despite the steady state, there were minor upward and downward revisions that offset each other.” In Africa, oil production from South Sudan and Sudan and Ghana is seen to experience yearly growth while supply from other countries is seen to either remain flat or decline”.

The report added: “Total OPEC crude oil production averaged 30.31 mbpd in July, was down by 0.10 mbpd from the previous month. Crude oil output from Libya and Iraq fell, while production increased from Saudi Arabia.

According to secondary sources, OPEC crude oil production, not including Iraq, stood at 27.34 mbpd in July, a drop of 0.05 mbpd over the previous month.

“Preliminary figures indicate that global oil supply increased by 0.08 mbpd in July to average 89.95 mbpd. Non-OPEC supply saw growth of 0.17 mbpd, while OPEC crude production decreased by 0.10 mbpd. The share of OPEC crude oil in global production remained steady at 33.7 per cent.

“The demand for OPEC crude in 2013 is forecast to average 29.9 mbpd, almost unchanged from the previous report and 0.4 mbpd lower than in the year before. In 2014, demand for OPEC crude has experienced a slight change since the previous report to stand at 29.7 mbpd. This represents a decline of 0.3 mbpd compared to the year before.

Meanwhile, the International Energy Agency (IEA), trimmed its outlook for oil demand over the next 18 months and highlighted threats to the dominance of OPEC.

The IEA said that new data on the difficulty the global economy is having in picking up speed meant that demand for oil would grow by slightly less than it had foreseen in July.

The agency said that it was trimming its forecast for growth of global oil demand this year by 30,000 barrels per day to 895,000 barrels per day because the International Monetary Fund had lowered its forecast for growth of the global economy from 3.3 percent to 3.1 percent.

The IEA also reported that output by Iraq fell below three million bpd for the first time for five months and exports were expected to plunge by about 500,000 bpd from September owing to work on infrastructure at southern ports.

It also spotlighted violence, unrest or tension in Algeria, Nigeria, Egypt and Syria.

The IEA said. “Many commentators are questioning its implications for the future of OPEC. It would have to cut its supplies under pressure from shale oil “unless falling prices curb shale oil production first.

“But at the moment, Opec’s main problem is in bringing production to market”. Opec’s production last month “was down 1.1m bpd on the year” mainly owing to “domestic developments in some member countries.”

“In an effort to reduce oil theft and pipeline damage that has led to an estimated annual loss of 60 kbpd and caused massive environmental problems, Nigeria’s largest producer Shell plans to invest $1.5 billion on a new pipeline.

“Shell was forced to close the Nembe Creek pipeline for repairs after discovering more than 50 break points along the near 100 km trunkline. In 2010, Shell spent $1.1 billion to replace the Nembe Creek pipeline due to damage. The new pipeline, called the TransNiger Pipeline Loop?line, should help reduce oil spills in the Niger Delta because it will circumvent the Ogoniland region of Nigeria, where a large volume of bunkering and pipeline damage takes place”, it added.