UPDATE 1-Nigeria’s April oil exports to jump on new stream
By Christopher Johnson
LONDON, Feb 24 (Reuters) – Nigerian oil exports will jump to their highest
level in four months in April as output from a new crude stream starts to flow,
traders and shipping sources said on Friday.
The increase in Nigerian oil production, much of it high quality with low
levels of contaminants such as corrosive sulphur compounds, will help meet any
shortfall from disruptions to supplies from South Sudan, Syria and Yemen.
Africa’s top oil producer is expected to sell around 1.96 million barrels
per day (bpd) in April in 70 full or part cargoes, up from 1.87 million bpd in
65 cargoes in March, the sources quoted provisional loading programmes as
showing.
Nigeria’s new Usan offshore oilfield will contribute most of the extra
oil in April, pumping almost 100,000 bpd, the programmes show.
The field, operated by France’s Total SA, is expected to reach four to
five cargoes per month, or about 130,000-160,000 bpd, this year and have a total
capacity of up to 180,000 bpd.
Total said on Friday it had started production at Usan on schedule.
Traders expected initial volumes to be stored and the first vessels to load in
about six weeks.
Total, U.S. major ExxonMobil and commodities trader Glencore will load
the first cargoes, totalling almost 3 million barrels. The Total and ExxonMobil
cargoes will both be sold by tender, traders said.
FURTHER INCREASE?
Provisional loading programmes are often revised after their
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