31 May 2015, Sweetcrude, Lagos – Chief Executive Officer of Oando Energy Resources, Pade Durotoye, says Nigeria’s crude oil output could reach 2.2 million barrels per day, b/d, as early as June following an end to oil production disruptions in the Niger Delta.
“We think that the worst is behind us. Before the end of June, we will have Forcados back, which would take us comfortably back to 2.2 million b/d,” he said at the Africa Independents Forum in London.
Attacks in the Niger Delta had pushed production to just over 1 million b/d at certain points last year, the lowest in decades, but attacks have abated since the start of the year.
The first Foracdos cargo from the main Trans Forcados export line loaded last week, though operator Royal Dutch Shell has said force majeure remains in place.
Durotoye said “bold actions” by the government to address security in the area had helped, and that if it continued, Oando could boost output from 50,000 b/d to 150,000 b/d within 12-18 months.
Still, Durotoye said concerns over more violence was leading investors to view the region with a lot of caution. “Capital is still going to be constrained,” he said.