This comes amid the FG’s decision to drastically curb the menace of illegal crude oil theft across the country, a move which has increased oil output from 1.185 million BPD recorded in November 2022 to 1.235 million BPD recorded in December 2022.
Crude oil production hits 1.24 million BPD as Nigeria records highest output in 9 months
Crude oil production in Nigeria has recorded an appreciable increase as it rose to 1.235 million barrels per day - BPD in December 2022, the highest output since March 2022 according to fresh reports from the Nigerian Upstream Petroleum Regulatory Commission, NUPRC.
Crude oil production hits 1.24 million BPD as Nigeria records highest output in 9 months
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Oil production in August 2022 fell below One million BPD according to figures from NUPRC even though Nigeria recorded one of its highest figures in January 2022 with a record volume of 1.68 million BPD.
Oil production output in March 2022 was 1.24 million BPD and 1.25 million BPD in February 2022.
Nigeria's total oil and condensates output however started showing signs of relapse as it dropped from 1.08 million BPD in July 2022, to 0.972mbpd in August 2022.
This was followed by even poorer figures as crude oil production further crashed to as low as 0.937mbpd in September 2022 recording the lowest output recorded in Nigeria in several years.
Apart from the massive oil theft, Nigeria's falling crude oil prices have been traced to infrastructural decay and militancy which has caused some of the oil production giants to lock shop over the period.
Oil production, however, shot up in October (1,014 million BPD) and further increased to 1.185 million BPD in November with the restoration of operations at Shell Plc’s Forcados terminal.
Before the restoration, Nigerian oil production which had crude output at 1.19 million BPD was still low and still almost a third below the quota allowed by the OPEC+ alliance.
According to NUPRC’s data, the production of grades exported from the facility nearly tripled in November to about 230,000 barrels per day thus amplifying the monthly oil output.
Reuters also reports that two other major terminals — Eni SpA’s Brass and Shell’s Bonny have been majorly affected by insecurity and thus have cut their operational capacities.
It is important to note that the impressive oil production output currently recorded comes amid President Muhammadu Buhari’s order to security agents to end oil theft before his May 2023 handover date.
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