May 21, 2024
UPSTREAM: Oil production rises 3.8% to 1.306m bp/d in Nigeria
Middle East: Oil demand remains low despite the ease in COVID-19 lockdown
– By Admin

Kindly Share

Facebook
Twitter
LinkedIn
WhatsApp
By Eyo Nsima
Nigeria’s oil production rose month-on-month, MoM by 3.8 per cent to 1.306 million barrels per day, bpd in February 2023, from 1.258 million bpd recorded in the preceding month of January 2023.
Also, on year-on-year, YoY, Nigeria’s oil production increased by 3.8 per cent to 1.306 million bpd in February 2023, from 1.258 million bp/d recorded in the corresponding period of 2022.
This was disclosed by the Organization of Petroleum Exporting Countries, OPEC in its March 2023 Monthly Oil Market Report, MOMR obtained by The Daily,www.thedaily-ng.com on Tuesday.
OPEC noted that this was based on data obtained from direct communication adding that the report excluded Condensate which Nigeria produced in commercial quantity.
The report also indicated that the nation maintained its lead as the highest African oil producer over Angola which followed with 1.064 million bpd, leaving the Equatorial Guinea trail behind as the least with 50,000 bpd.
Further checks showed that the nation’s oil production was still constrained by pipeline vandalism, oil theft, and illegal refining in the Niger Delta.
According to Shell Petroleum Oil Spill Data showed that the company oil spill incidents, due mainly to sabotage increased MoM, by 100 per cent to 12 in February 2023, from six recorded in the preceding month of January 2023.
It stated: “The SPDC JV produced 383,000 barrels of oil equivalent in 2021, compared with 497,000 barrels of oil equivalent in 2020. The fall in output was largely a result of curtailed oil production because of heightened security issues, such as crude oil theft and illegal oil refining. Production numbers were also down as a result of divestment action, including the sale of SPDC’s 30% interest in OML 17 for $533 million.”

Kindly Share

Facebook
Twitter
LinkedIn
WhatsApp

Copyright @ TheDaily. All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from TheDaily

Leave a Comment

Your email address will not be published. Required fields are marked *

📰 Subscribe to our Newsletter

Scroll to Top