July 21, 2024
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OIL & GAS

Oil Spill Forces Shutdown of Nigeria’s OML 29 Onshore Field

Oil production at Nigeria’s OML 29 onshore field has been halted due to an oil spill detected earlier this week, according to Aiteo Eastern Exploration and Production Company (AEEPCO).

The shutdown is a precautionary measure while additional resources are mobilized to contain the spill. The cause of the spill is yet to be determined.

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The spill was detected on Monday at a section of the Nembe Creek Trunk Line. This incident is a setback for Nigeria’s oil sector, which is struggling with leaks, theft, and vandalism. Nigeria aims to increase oil production to boost revenues and foreign exchange reserves.

Nigeria’s oil production has started to recover in recent months and hit in February its highest level in more than three years amid a concerted effort to crack down on targeted attacks and organized theft rings, according to OilPrice.com.

Nigeria needs annual investments of $25 billion to reach and keep its output at around 2 million barrels per day (bpd), Nigerian oil industry executive Austin Avuru said last month.

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