• Thursday, April 25, 2024
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FG to boost crude exports in May to 76 cargoes

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The Federal Government will boost crude exports to 76 cargoes in May, according to a final loading programme obtained by Bloomberg News.

That compares with 66 shipments due to be exported this month, according to a revised plan for April.

Three Bonny Light cargoes, two lots of Brass River and one Okono consignment have been deferred to May from April.

The Federal Government plans to ship 11 consignments of Qua Iboe, nine of Forcados, eight each of Bonny Light and Agbami, five each of Akpo, Bonga and Brass River, four of Erha, three each of Amenam, Escravos, Usan and Yoho, two lots of Abo, Antan and Okwori, and one each of EA Blend, Okono and Pennington in April, the schedules show.

The May programme totals 65 million barrels, or 2.1 million barrels a day, versus 60.2 million, or 2 million a day, scheduled for April.

Shell lifted a two-week force majeure on Bonny Light exports on March 19.

The country has been hit by rising oil theft and the Nembe Creek Trunkline will close in April to clear points along the link that are vulnerable to thieves, according to Shell.

Loading programmes are monthly schedules of crude shipments compiled by field operators to allow buyers and sellers to plan their supply and trading activities.