Latest crude/condensate Production data obtained from the Department of Petroleum Resources (DPR) has shown that production of Qua Iboe Crude, Nigeria’s largest crude oil stream, dropped to its lowest level in 2016 for the first time since 2010, Daily Trust reports.
The data from DPR showed that output of the crude grade collapsed by about 41% from 135 million barrels in 2010 to 79 million barrels in 2016, the year militant attacks cut Nigeria’s production to its lowest in decades. ExxonMobil operates the field where Qua Iboa is produced and holds 40% interest with the Nigerian National Petroleum Corporation (NNPC) having the remaining 60%.
The DPR 2016 Oil and Gas Annual Report, which is the latest of the industry regulator’s annual activity reports on the Nigerian oil and gas industry, shows that production of Qua Iboe, which averaged around 375,000 barrels per day (bpd) in 2010, plunged to about 220,000 bpd in 2016. Output in 2015 was 350,000 barrels per day (bpd).
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