Vandalism: Shell’s oil output in Nigeria slides to 37,000bpd – Today.ng

Shell

The impact of the recent spate of attacks on oil and gas assets in the Niger Delta has started to reverberate across the petroleum industry, as Shell Nigeria, yesterday, disclosed that its crude oil production dropped sharply to 37,000 barrels per day in the second quarter, Q2 2016.

Shell in its Q2 2016 financial statement released to its investors said that production from its Nigerian subsidiary, Shell Petroleum Development Company, SPDC, dipped by 41 per cent to 37,000 barrels per day, bpd, during the period, down from the 63,000 bpd recorded in the same period of 2015, and 24 per cent lower than production in the first three months of the year.

Shell Group Chief Executive Officer, Mr. Ben van Beurden, also warned that “Earnings could be further impacted if the security conditions continue to deteriorate.”

According to him, the security situation in Nigeria has impacted negatively on oil production, adding that sabotage incidents and repairs will cut its Nigerian oil and gas production by around 35,000 barrels per day of oil equivalent (boe/d) compared with the same period of 2015.

Read more at https://www.today.ng/business/159419/vandalism-shells-oil-output-nigeria-slides-37000bpd