Nigeria: Oil Output Rises Above 1mbpd In October

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The Upstream Petroleum Regulatory Commission (NUPRC) has reported that for the first time since July 2022, the daily production output of Nigeria rose above one million barrels per day (bpd) in October.

The commission said in its October 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 production output was put at 972,000 bpd in August, and 937,000 in September, which translates into revenue drop for the government.

Also Read: NUPRC Flaunts Score Card, Promises to Unlock 1.2mbpd Shut-in Capacity To Surpass OPEC Quota

Despite the rise in the daily 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 terminals in the country out of Nigeria’s 29 terminals.
Data released by the 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.

Also Read: OPEC+ 2mbpd Oil Cut Came At “The Worst Possible Moment” – U.S.

Officials of the Nigerian National Petroleum Company (NNPC) Limited said the new company and its other major partners lost 9.4 million barrels of in the month of May, arising from production challenges.

The 9.4 million barrels of is worth about $1.068 billion, based on May’s average Brent price of $113.34.

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