Business is booming.

Nigeria’s oil production is 0.57 million bpd below OPEC’s quota

By Yemi Olakitan

Nigeria’s oil production increased by 4.2% month over month in December 2022 to reach 1.23 million barrels per day, although it was still substantially below the 1.8 million barrels per day that OPEC had allotted for the nation.

Condensate oil output for December was 178,313 barrels per day, increasing total oil production to 1.4135 million barrels per day, according to the most recent figures on oil production issued by the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, yesterday.

Keep in mind that Nigeria’s quota from the Organisation of Petroleum Exporting Countries does not include condensate oil production. Due to the activities of oil thieves and pipeline vandals in the Niger Delta, Nigeria has so far been unable to profit from high oil prices.

President Muhammadu Buhari ordered the deployment of security services to the Niger Delta region last week in an effort to put a stop to the threat before he leaves office on May 29, 2023.

While speaking to the Joint Task Force Operation Delta Safe troops in Effurun, Delta State, and Port Harcourt, Rivers State, the President issued the directive.

The President stated that the government could no longer tolerate the criminals, who was standing in for him as the Minister of State Petroleum Resources, Chief Timipre Sylva.

“Mr. President has ordered us to stop the theft of crude oil. He has ordered that no more crude oil, especially in the South South, shall be stolen in the nation. He desires that one of the government’s lasting legacies be the total eradication of crude oil theft by May 29, 2023. This is the president’s message. Despite not being where we would like to be, we are content with what we are witnessing, he said.

He pointed out that the country’s daily crude oil production was around 900,000 barrels per day prior to the government’s intensified efforts to combat the threat of oil thieves, but the government’s stepped-up security efforts have helped to shore up production to roughly 1.5 million barrels per day.

“I’m glad to hear that everyone is happy here. We came to this location a few months ago to give you the President’s mandate, which is to ensure that there is no tolerance for crude oil theft in the area. Although we appreciate everything you’ve done so far, there’s still work to be done before we can reach 100%,” Sylva stated.

Quality journalism costs money. Today, we’re asking that you support us to do more. Support our work by sending in your donations.

The donation can be made directly into NatureNews Account below

Guaranty Trust Bank, Nigeria

0609085876

NatureNews Online

Get real time updates directly on you device, subscribe now.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More