Chief Upstream Investment Officer at the NNPC Upstream Investment Management Services (NUIMS), Bala Wunti, has attested that Nigeria’s crude oil production has increased to 1.59 million barrels per day.
The 1.59mbpd is above the 1.01 million barrels per day figure recorded for October by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Wunti who spoke on the sidelines of the 11th Practical Nigerian Content Forum held in Uyo, revealed that the NNPC in collaboration with security agencies, oil companies and hosting communities, are working on curbing oil theft.
A world class energy conference, the 11th Practical Nigerian Content Forum was organised by the Nigerian Content Development and Management Board [NCDMB]
The event is one of NCDMB’s premium conferences aimed at driving Nigeria’s commitment to local content development, infrastructural upgrades and capacity development
Wunti noted that oil theft has caused Nigeria revenue losses, with a decline in oil earnings dragging foreign trades down in the third quarter of 2023, according to the National Bureau of Statistics (NBS).
According to him, losses caused by oil theft have risen significantly since 2015 when Chatham House reported in a study that Nigeria loses between $3 billion to $8 billion in a year to crude oil theft.
Speaking on the efforts of stakeholders in the oil industry, Wunti said, “We have security agencies in which the Navy, the police, and everyone within that space were involved.
“The second is the regulators’ angle. At this stage, all regulators are made to fully be part of the efforts. The third is the operators’ angle. And, of course, all operators were involved
“The fourth angle is the community angle in which all impacted communities have to be brought under the umbrella of a structured arrangement in the collective effort against crude oil theft.
“As of today, oil production is at 1.59 million barrels per day,” the chief upstream investment officer said during the event.
By Bosco Anayo