NIGERIA ADDS 50,000 BPD FROM TOTAL ENERGIES IKIKE FIELD.

Total Energies — which operates the field with a 40 percent stake alongside the Nigerian National Petroleum Company, Limited (NNPC) with 60 percent, said it expects Ikike to deliver 50,000 b/d of oil equivalent (boe/d) by the end of the year. The field is tied back to the Amenam offshore facilities through a 14km pipeline.

“By tapping discoveries close to existing facilities, this project fits the company’s strategy of focusing on low-cost and low-emission oil projects,” said Henri-Max Ndong-Nzue, senior vice-president of TotalEnergies’ upstream operations in Africa.

The start of production from Ikike will help Nigeria lift its flagging crude output, which slumped to a 17-month low of 1.26 million barrels a day in June which is 510,000 b/d below its OPEC target for the month, according to Argus estimates.

Oil theft has disrupted flows to Nigerian terminals this year. Last month, a drop in shipments of the key Qua Iboe and Forcados streams exacerbated ongoing disruption to Bonny Light exports, which have been under force majeure since mid-March.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) had expressed concerns about the country’s production capacity, citing cases of deliberate shut-off of oil wells and pipelines by operators who are trying to deal with theft.

According to the NUPRC, the country’s level of crude oil theft is estimated at a daily average of 108,000 barrels in 2022.

Source - The Guardian Newspaper.