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India, Spain, Netherlands Are The Biggest Buyers of Nigeria’s Crude Oil – NNPC

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India, Spain and The Netherlands have emerged biggest buyers of Nigeria’s crude oil over a 12-month period, from June 2015 to May 2016, according to a document obtained, yesterday, from the Nigerian National Petroleum Corporation, NNPC.

According to the NNPC, Nigeria exported a total of 319.747 million barrels of crude oil to the three countries in the period under review, representing 42.98 per cent of its total crude oil exports of 743.958 million barrels. Specifically, India imported 157.527 million barrels of crude oil from Nigeria, representing 21.17 per cent of Nigeria’s total crude oil export, while Spain purchased 84.491 million barrels of the country’s crude oil, representing 11.36 per cent of total exports.

The Netherlands followed, accounting for 10.45 per cent of Nigeria’s total crude oil export, with the purchase of 77.729 million barrels of oil. Despite claims that it had stopped import of crude oil from Nigeria, the NNPC stated that 58.976 million barrels of crude oil was exported to the United States of America, USA, in the 12-month period, representing 7.93 per cent of Nigeria’s total crude oil export in the period under review.

In Africa, Nigeria’s biggest partner in terms of crude oil trade was South Africa, which purchased 46.175 million barrels of crude oil from June 2015 to May 2016, representing 6.21 per cent of Nigeria’s total oil export for the period. Nigeria’s crude oil export to France in the period under review stood at 51.467 million barrels, representing 6.92 per cent of total crude export for the period, while the United Kingdom accounted for 5.35 per cent of Nigeria’s crude oil, as 39.824 million barrels of crude oil was exported to the country. Brazil, Indonesia and Cote D’Ivoire accounted for 5.l19 per cent, 3.91 per cent and 2.69 per cent of Nigeria’s total crude oil export, with 38.62 million barrels, 29.094 million barrels and 20.036 million barrels respectively.

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In its Monthly Financial and Operations Report for June 2016, released a couple of days ago, the NNPC stated that from June 2015 to May 2016, a total volume of 761.38 million barrels of crude oil and condensate was lifted by all parties in the petroleum sector, while it put the value of the transaction within the same period at $3.462 billion. It said, “Total export crude oil & gas receipt for the period of July 2015 – June 2016 stood at $3.42 billion. Out of which the sum of $3.41 billion was transferred to Joint Venture (JV) Cash Call in line with 2016 Approved Budget and the balance of $0.487 billion was paid to Federation Account.

“However, this amount falls short of the calendarised appropriated amount of $712.46 million. This is due to worsening production and fall in crude oil price. However, commenting on recent petroleum industry statistics, the NNPC said, “In May, 2016, Crude Oil production in Nigeria plummeted to 1.69 million barrels per day (mb/d) following uptick in pipeline vandalism in the volatile Niger-Delta region.

“Subsisting Force Majeure at Forcados Terminal mean that about 380,000 barrels of oil per day (bopd) remains shut-in. Cargoes were deferred until repairs are completed. “Also, the nation has lost over 1,500 megawatts to the damage at Forcados which accounted for 40-50 percent of gas production. Furthermore, Force Majeure was declared on 10th May, 2016 for repair works on Nembe Creek Trunk Line (NCTL) and the resultant shut-in of about 275,000bopd. Other far-reaching incidents include production shut-in at Usan, Que Iboe and Brass Terminals.”

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