The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has reported that for the first time since July 2022, the daily crude oil production output of Nigeria rose above one million barrels per day (bpd) in October.
The commission said in its October Crude Oil Production Report, that the daily crude oil production output averaged 1,014,485 bpd last month.
In the past decade, oil production in Nigeria has been a source of serious worry due to oil theft and pipeline vandalism. The situation became so bad that the country repeatedly fell short of OPEC quota
Months before the period in review, daily crude oil production output was put at 972,000 bpd in August, and 937,000 in September, which translates into revenue drop for the Nigerian government.
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Despite the rise in the daily crude oil production output, the 1,014,485 bpd recorded in October 2022 is still below the 1,083,899 barrels per day reported in July.
The drop between July and September had been caused by the dip in production output from Forcados terminal, Bonny, Brass, and ten other crude oil terminals in the country out of Nigeria’s 29 terminals.
Data released by the Nigerian Upstream Petroleum Regulatory Commission showed Forcados lost 3,858,188 barrels in July, 208,430 in August and 134,437 in September.
Bonny terminal reported 799,294 loss in July, 749,463 in August and 167,582 in September, while Brass terminal recorded loss of 290,227 barrels in July, 270,932 in August and 172,814 in September.
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Officials of the Nigerian National Petroleum Company (NNPC) Limited said the new company and its other major partners lost 9.4 million barrels of crude oil in the month of May, arising from production challenges.
The 9.4 million barrels of crude oil is worth about $1.068 billion, based on May’s average Brent price of $113.34.
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