500,000bpd drop in oil production due to flooding – DPR

Nigeria’s daily crude oil production for the third quarter of 2012 dropped by 500,000 barrels as a result of production shut-down caused by the ravaging floods in some parts of the country, the Department of Petroleum Resources has said. The department said the actual crude oil (plus condensate) production of the nation was 2.5 million barrels per day for the period.

Some of the companies hit by the flood, according to DPR, were marginal field operator, Sterling Energy, Total Exploration and Producing and Agip, among others. The floods were no threats to oil and gas assets in the country in the long-run, as production would gradually pick up as the floods subsided.

Nigeria’s reserves as at January 1, 2012 were 31.170 billion barrels for oil, 5.018 billion barrels for condensate; 92.6 trillion cubic feet of associated gas and 90.150 tcf for non-associated gas.