Mobil Producing Nigeria Unlimited and Shell Petroleum Development Company of Nigeria Limited recorded the biggest decline in production from joint venture assets in the first quarter of this year.
The subsidiary of the United States-based ExxonMobil Corporation saw its JV output drop from 11.646 million barrels in January last year to 6.2 million barrels in March this year, according to the latest data obtained from the Nigerian National Petroleum Corporation.
Production from Mobil Producing Nigeria hit a record low of 1.5 million barrels in August from 5.083 million barrels the previous month.
The oil major, which remains the biggest producer onshore, posted a 36 per cent decline in its production in the first three months of this year compared to the same period last year.
It produced 21.913 million barrels in the first quarter of this year, down from 34.193 million barrels in the same period last year, the NNPC data showed.
The SPDC saw its JV production plunge from 5.256 million barrels in January last year to 2.815 million barrels in March this year.
The company, whose output dropped to as low as 2.191 million barrels in August, lost its status as the third biggest producer onshore to Total E&P Nigeria Limited.
Shell’s production onshore also fell by 36 per cent in the first quarter of this year from the 14.272 million barrels recorded in the same period last year.
The decline in the international oil companies’ production in the country is connected to the resurgence of militant attacks in the Niger Delta last year.
Last month, the SPDC lifted the force majeure on exports of the country’s Forcados crude oil, after over a year of shutting down the Forcados terminal, which was attacked in February 2016.
According to the NNPC, at Forcados terminal alone, about 300,000 barrels per day of oil were shut-in following the declaration of the force majeure on February 21, 2016.
Meanwhile, the country’s crude oil for August loading was said to be proving slow to find buyers amid rising supply, Reuters quoted oil trading sources on Wednesday, a sign that an expected second-half rebalancing of the global market is getting off to a slow start.
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