Good News for Tinubu’s Government As Oil Production Rises to Above 1.3mbpd, Highest in 20 Months
- Nigeria's crude oil production has improved, positioning the Tinubu administration for more revenue as oil prices hover around $80 to $90 per barrel
- The last time Nigeria recorded a daily production above 1.3 million barrels was in January 2022
- The federal government will be hoping to keep the momentum going, especially at a time when rising crude oil has become a double-edged sword
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The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has disclosed that Nigeria's crude oil production increased to 1.35 million barrels per day in September 2023.
This represents a massive 43.59% increase compared to the 937,766 daily barrels reported in September 2022.
Source: Getty Images
On month-on-month, September production data is about 14 per cent higher than what it pumped in August 2023.
According to the commission, Nigeria's crude oil production (excluding condensates) in September stood at 1,346,562 barrels per day.
This marked a notable increase of 165,429 barrels per day compared to the August production figure of 1,181,133 barrels per day, Punch reports.
This indicates that the federal government is gradually winning the battle against crude oil theft in oil-producing communities—Nigeria's oil production trend.
Legit.ng analysis of NUPRC oil production data obtained from its website shows that the last time Nigeria's oil production touched 1.3 million barrels per day was in January 2023, which was 20 months ago when a 1.39 million barrels daily average was recorded.
Since then, there has been a downward trend in production, resulting in Nigeria losing its position as Africa's largest oil producer at some point among the Organisation of Petroleum Exporting Countries (OPEC) countries in Africa.
Breakdown of Nigeria's crude oil production in 2023
Further analysis of figures obtained from the NUPRC indicated that in January, February and March, the country's oil outputs were 1,266,659 bpd, 1,292,240 bpd, and 1,266,737 bpd, respectively.
In April, May, June and July, Nigeria produced 1,004,392bpd, 1,189,332bpd, 1,260,928bpd, and 1,089,089bpd, respectively.
Therefore, the above crude oil production figures showed that Nigeria's’ oil production in September was the highest output recorded by the country this year.
While the improvement is massive, it is far below the about 1.8 million barrels per day quota approved for Nigeria by the OPEC.
NNPC speaks on plans to relocate headquarters from Abuja to Lagos
The NNPCL earlier dismissed rumoured plans to relocate its office from Abuja to Lagos.
Mele Kyari, the Group Chief Executive Officer (GCEO) of NNPC Limited, clarified when responding to questions from lawmakers.
The headquarters of NNPC consists of four identical towers; the complex is located on Herbert Macaulay Way, Central Business District Abuja.
Source: Legit.ng
