Nigeria’s repaired crude pipeline set to boost West African exports

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An oil pipeline is laid next to the Vopak-Dialog oil storage facility (R) and a Refinery and Petrochemical Integrated Development (RAPID) project construction site in Pangerang in Malaysia's southern state of Johor October 6, 2015. REUTERS/Edgar Su/File Photo

LONDON, Oct 17  – Nigerian crude exports looked set for a boost on Tuesday after repairs to a key pipeline were completed, while traders in the Angolan market were focused on term allocations for December cargoes.

NIGERIA

* Repairs to Nigeria’s Nembe Creek Trunk Line, which exports Bonny Light, are complete, operator Aiteo said on Tuesday.

* Force majeure remained in place, Shell said on Tuesday, but a source said it could be lifted as early as Wednesday. A loading programme has yet to be issued, a trader said.

* Offers of Nigerian crude were moving lower. Statoil was offering Usan on a delivered basis at dated plus $1.60, down 5 cents from a similar offer on Monday.

* Forcados was offered at dated plus $1.90, while a trader put the value 40 to 50 cents below that.

* Forcados shipments appear to be delayed. One trader said there were delays of 4-5 days.

ANGOLA

* State oil company Sonangol has yet to show spot offers for December because it is still busy with term allocations.

* Exports are set to rise in December to 49 cargoes from a 13-month low of 47 cargoes in November, a preliminary programme showed on Monday. The total could end up closer to 51, one trader said.

* There are up to 10 November cargoes left.

TENDERS

* Uruguay’s Ancap is running a tender that could take West African crude, a trader said, and Taiwan’s CPC was expected to issue a buying tender this week that could also absorb West African barrels. (Reporting by Alex Lawler; Editing by David Goodman

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Godwin Okafor is a financial journalist, Internet Social Entrepreneur and the Founder Naija247news Media Ltd He has over 16 experiences in journalism, which cuts across traditional and digital media. He started his journalism career in Business Day, Where he was a senior editorial graphic artist, before he left to start Naija247news, An Online Financial Newspaper in 2010. He has won series of awards and he is the chairman of Emmerich Resources Limited, the publisher of Naija247news.com and also sits on the board of Students In Business Awards, (SIBA).

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