A Review of the Nigerian Energy Industry

OPEC daily basket price close at $105.06/b

05 November 2012, Sweetcrude, Vienna, Austria — The price of OPEC basket of twelve crudes stood at 105.06 dollars a barrel on Friday, compared with $106.26 the previous day, according to OPEC Secretariat calculations.

The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

In this article

Join the Conversation

  • Monitor crude oil prices at http://www.sweetcrudereports.com

  • NNPC was majority shareholder in the seven blocks with 55 per cent equity in the joint venture before the multinationals sold the 45 per cent stake.

    Shell Petroleum Development Company, SPDC, was the original operator of the joint venture with a 30-per-cent stake; Total Exploration & Production (Nigeria) Limited, 10 per cent; and Nigerian Agip Oil Company, 5 per cent.

    But following growing attack on their facilities by militants in the Niger Delta between 2007 and 2009, the IOCs embarked on a divestment programme to sell some of their onshore assets in the region.
    With the sale of the blocks by Shell and its partners, reserves of about one billion barrels of oil equivalent, bboe, had been transferred to local operators.