Business
Nigeria’s daily crude oil production rises above 1 million BPD
Nigeria’s daily crude oil production output rose above 1 million barrels per day to an average of 1,014,485 BPD in October 2022.
This was disclosed in the October Crude Oil Production Report by the Nigerian Upstream Petroleum Regulatory Commission (UPRC).
The last time Nigeria’s crude oil production output averaged more than 1 million barrels per day was in July, with 1,083,899 BPD.
The Nigerian Upstream Petroleum Regulatory Commission report cited that daily production for the month of October was 1,014,485 for the month of October, compared to 972K BPD in August, and 937K in September.
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The NUPRC had earlier stated that the production output from 13 out of Nigeria’s 29 crude oil terminals declined drastically between July and September 2022, which contributed to the falling numbers.
The petering production output is connected to heightened oil theft in the Niger Delta Region.
According to the NUPRC data, the worst-hit crude terminals are Bonny, Brass, and Forcados, which saw production output decline by 79%, 40.5%, and 96.5% during the period under review.
Of the three terminals, Forcados terminal recorded the highest loss from over 3 million barrels in July to a little over 100, 000 barrels in September.
Similarly, crude oil output from Bonny was 799,294 in July before declining to 749,463 in August and then 167,582 in September.
For the Brass terminal, the output was 290,227 in July, 270,932 in August and 172,814 in September. In the same vein, the production output from Forcados was 3,858,188 in July, 208,430 in August and 134,437 in September.
