Christmas- Naija sweet is one of the best!!!

Best Crude Oil

Light crude oil is the best type of crude oil. The crude oil of Nigeria is divided into two classes. They are sweet andlight crude oil. It is mostly low in sulphur. Under OPEC, Nigeria is the biggest manufacturer of light crude oil. The light oil of this West African nation is alike in composition to the petroleum drilled from the North Sea. It is usually referred to as bonny light. You can find other types of Nigerian crude oil like Brass River, Qua Iboe, Escravos blend, Pennington Anfan etc. It is identified based on their export depot.

The biggest country that imports Nigeria’s petroleum is the mighty United State of America. Out of the 100% of oil which the US imports yearly, Nigeria supplies about 10% of the whole US oil imports. This makes up 40% of Nigeria oil exports. It is the fifth biggest market of oil imports for the great United States of America.

You can find up to 6 crude oil export depots in Nigeria. They are mainly owned by multinational oil companies. The major oil companies in Nigeria are Chevron, Shell, Mobil, Texaco, Agip etc. BP is yet to discover the potentials of Nigeria’s crude oil. It is believed that shell has two oil terminals while the remaining four is owned by Chevron, Mobil and Texaco respectively. The forcados depot is owned by Shell. It has the capacity of amassing about 13 million barrels as well as the close by Bonny depot. Mobil controls the Qua Iboe depot located in Awka Ibom state Nigeria. Chevron operates the Escravos terminal situated at Delta State. It is capable of storing up to 36 million barrels. Agip runs the brass depot located in Rivers state. It has a storage capacity of up to 3 million barrels. Finally, Texaco runs the Pennington depot. Its storage capacity is not known.

Source: 

http://www.beegy.com/best-crude-oil/

NUTSHELL:

Light, Sweet, Heavy, Sulphuric or not! These qualities of oil form the API ( American Petroleum Institute- a technical jargon or measure of how light/ sweet ) measure for oil. The API basically indicates the quality of the oil - as light and sweet is typically the best while heavy and sulphuric is the ''worst''. I think the ideal API is currently 37 (kindly correct me if i'm wrong). It then follows that the oils with the highest API's are the most demanded/ attractive while the oils with the lower API's are naturally less attractive.

So how does this API, lightness, sweetness, sulphuric content or heaviness concern you? Well your country may be giving certain concessions or withdrawing same on its fiscal regime for upstream activity either because its oil is rather unattractive to buyers or quite the contrary. In the case of Nigeria (Naija), one may now understand one of the reasons that the country is attempting to renegotiate its fiscal terms as Nigera has light and sweet crude oil. For an attractive product, with the phenomena of obsolescing bargaining power against the oil majors, it is little wonder that the Nigerian Petroleum Industry Bill is highly contested via lobby. The bill shall be passed but the extent to which it shall reflect the ability of the country to take advantage of its sweet crude oil is another matter entirely. Ole to the Naija sweet!!!