Despite its perennial underproduction in the last two years, Nigeria has been able to ramp up its crude oil output compared to its budget benchmark from an average of about 60 per cent to 75 per cent between H2, 2022 and Q1, 2023, data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has revealed.
THISDAY analysis of production data showed that with a projection of 1.88 million barrels per day of crude oil production in the 2022 federal budget, Nigeria under-produced to the tune of over 277 million barrels of the commodity between January and December 2022, leaving average production at 60 per cent.
But with the renewed zeal to tackle oil theft and assets vandalism in the Niger Delta, the country managed has now managed to drill 115 million barrels of the commodity in the first quarter of 2023, raising the average to 75 per cent, a rise of about 15 per cent.
More details at:
https://www.thisdaylive.com/index.php/2023/05/02/nigerias-average-crude-oil-production-climbs-15-in-2023/
THISDAY analysis of production data showed that with a projection of 1.88 million barrels per day of crude oil production in the 2022 federal budget, Nigeria under-produced to the tune of over 277 million barrels of the commodity between January and December 2022, leaving average production at 60 per cent.
But with the renewed zeal to tackle oil theft and assets vandalism in the Niger Delta, the country managed has now managed to drill 115 million barrels of the commodity in the first quarter of 2023, raising the average to 75 per cent, a rise of about 15 per cent.
More details at:
https://www.thisdaylive.com/index.php/2023/05/02/nigerias-average-crude-oil-production-climbs-15-in-2023/