Nigeria has reclaimed top position among oil producing countries in Africa. Latest OPEC data show that for the month of November, Nigeria produced more volumes of crude oil more than its closes rivals, Angola, Algeria and Libya.
According to data contained in the recently released Monthly Oil Market Report (MOMR) by the Organization of Petroleum Exporting Countries (OPEC), Nigeria produced 1,158 million barrels per day (mb/d) of crude oil in November, returning to the top position again.
The report said Angola emerged second, producing 1,102 mb/d, while Algeria took third place producing 1,022 mb/d during the month under review.
Meanwhile, according to direct communication from the OPEC data, Nigeria produced 1,186 mb/d of crude oil. Angola took second place producing 1,088 mb/d and Algeria emerged in third place, producing 1,021 mb/d for the month under review.
Secondary sources indicate that total crude oil production from OPEC member countries averaged 28.83 mb/d in November 2022, lower by 744 thousand barrels per day (tb/d) month-on-month.
The report stated that crude oil production output increased mainly in Nigeria and Angola, while production in Saudi Arabia, the United Arab Emirates (UAE), Kuwait, and Iraq declined.
For over a decade, Nigeria has battled crude oil theft in its Niger Delta, the region hosting the country’s major oil and gas assets. However, since the clampdown on the challenges, with the aid of security agencies as well as third-party security outfits, the fortunes of crude oil production has looked up.
The chief upstream investment officer at the NNPC Upstream Investment Management Services (NUIMS), Mr. Bala Wunti, said that the real loss caused by crude oil theft in Nigeria is 700,000 barrels per day, which translates to 21 million barrels per month.
Wunti said that crude oil production in Nigeria is being rescued by better security architecture and patriotic commitment.
He stressed that the federal ministry of petroleum resources and the NNPC are working hard to deal with the lack of coordination and cohesion among oil sector players, including regulators, security agencies, host communities, and private security outfits.
He disclosed that Nigeria’s oil production as of December 6 is 1.59 million barrels per day. Wunti had earlier stated that three types of losses occur during crude oil production.
They are, engineering losses, of which nobody accounts for; actual losses where hydrocarbons are produced but get stolen, and; opportunity losses, which arises when operators are unable to produce what was initially planned.
Talking about loss of opportunities, there are occasional losses from increased oil price in the international market, which oil producing nations take advantage of
By Bosco Agba