Nigeria’s crude oil production has been raised to 1.728 million barrels per day in September following aggressive anti-crude oil theft efforts by the Nigerian National Petroleum Company Ltd (NNPCL) and the security agencies.
According to Persecondnews, an online medium, the increase in crude oil production was achieved as a result of NNPC Limited working collaboratively with the security agencies to tackle crude oil theft and pipeline vandalism in the country.
According to statistics obtained from the NNPCL, crude oil production has increased from about 1.6 million barrels per day to 1.728mbpd, inclusive of condensate volumes of 284,758 barrels.
The implication of this is that the NNPC is getting very close to the 1.8 million barrels per day oil target.
In the same vein, total gas produced by NNPCL as of 18th September 2023 is 7,100 mmscf/d.
This comprises domestic gas of 1,659 mmscf/d, gas to export of 2,788 mmscf/d, and gas flared 422 mmscf/d.
Crude oil (Dated Brent) was priced at $95.725 as at September 20 and it is lower than the previous day by -$1.140.
At the price of $95.725 barrel, it implies that the country will be making over $165m daily from the production of 1.72 million barrels per day.