The extremely low sulfur content of Bonny Light crude Oil makes it a very much-preferred grade because of its low corrosives to refinery infrastructure and the lower environmental impact of its byproducts.
Other grades of Nigerian crude oil are Brass River crude oil, Forcados crude oil, and Qua-Iboe Crude Oil. The Bonny Light Crude Oil is in high demand especially by American and European refineries.
Nigeria produces high value, light crude oils, low sulfur content–Bonny Light, Bonny Medium, Odudu Blend, Antan Blend, Escravos Light, Brass Blend, Forcados Blend, IMA, Ukpokiti , Pennington Light, and Qua-Iboe Light.
Nigerian National Petroleum Corporation (NNPC) through its subsidiary the Nigerian Petroleum Development Company (NPDC) is directly in charge of four oil and gas fields with overall production of 15,000 barrels per day (BPD).
Petroleum production and export play a major role in Nigeria’s financial system and account for almost 90% of her gross earnings. This leading role has pushed farming, the traditional foundation of the economy, from the fifties and sixties, to the background.
In the late sixties and seventies, Nigeria attained a production level of over 2 million barrels of crude oil a day BPD, Even though production statistics dropped by the eighties because of economic crash. There was a complete rejuvenation of oil production to a record level of 2.5 million barrels per day in the year 2004. Current development strategies are geared towards increasing production.