June 19, 2024

159 million barrels of oil produced in 16 weeks – NUPRC

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Ilenre Irele

Nigeria Upstream Regulatory Commission has disclosed that Nigeria produced 159,158,191 barrels of crude oil in the first four months of 2024.

According to the data obtained from NUPRC, 44.2 million barrels of crude were produced in January, with an average daily production of 1.42 million barrels per day.

In February, the country pumped 38.3 million barrels of oil at an average of 1.32mbpd.

Similarly, 38.1 million barrels were produced in March, when the country’s daily output slumped to 1.23mbpd.

According to the data, daily oil production climbed marginally to 1.28mbp in April, while the monthly production was 38.4 million barrels.

In the same period in 2023, the country’s total oil output from January to April was 144.8 million barrels, 14.3 million lower than what was recorded in 2024.

However, during the first four months of 2020, the country produced 215.2 million barrels of crude oil, 56 million barrels more than what was obtained within the same period this year.

Recall that Nigeria has been battling with low oil production despite all efforts to ramp up daily output.

Recently, the Group Managing Director of the Nigerian National Petroleum Company Limited, Mele Kyari, lamented the negative impacts of oil theft and vandalism on the nation’s economy, saying the act discouraged investments in the oil and gas sector.

Kyari disclosed that the country’s output inched towards 1.7mbpd as of May 18, expressing optimism about increased oil production going forward.

“How do you increase oil production? Remove the security challenge we have in our onshore assets. As we all know, the security challenge is real. It is not just about theft; it is about the availability of the infrastructure to deliver the volume to the market.

“No one is going to put money into oil production when he knows the production will not get to the market. Within the last two years, we removed over 5,800 illegal connections from our pipelines. We took down over 6,800 illegal refineries—cooking pots or whatever they were. You simply cannot get people to put money until you solve that problem.

“The good news is, there is substantial work that is being done by the government and I’m not going to speak about it. But I know that this will come to pass. It is already subsiding. We are already seeing the results.”

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