One company, Global Commodity Insight, has revealed that Nigeria recorded its highest oil production since April 2022.
The firm revealed this in its latest platts survey it conducted in December 2022, which was made available to journalists.
The country’s oil production has faced oil theft which has hampered exports and led to major oil spills and losses of millions of Naira.
However, the survey showed that Nigerian volumes rebounded to the highest level since April 2022, producing 1.33 million b/d in December, contributing significantly to OPEC oil production rising in the period.
OPEC and its allies increased crude oil production by 140,000 b/d, with its 13 member countries pumping 28.98 million b/d in December, up 110,000 b/d from November, led by Nigeria , while 10 non-OPEC partners, including Russia, added 13.73 million b/d, an increase of 30,000 b/d.
When combined, the alliance produced 42.71 million b/d in December alone.
The survey further highlighted that Nigeria experienced significant recoveries in its cargoes from the main grades Forcados and Brass River, while maintenance at Bonga Field was completed in mid-November.
However, he added that despite the overall increase, the alliance’s production is still far behind its production targets, with a gap of 1.80 million b/d in December, adding that most members face technical or financial difficulties in maintaining production.
Meanwhile, recent data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) showed that Forcados had a crude oil production rate of 6,579,692, a condensate rate of 593,980 and a combined total of 7,173,672 barrels for December 2022, as opposed to a combined 6,856.88 registered for November 2022.
Brass, on the other hand, had a crude oil production rate of 581,198, a condensate rate of 45,010, and a combined total of 626,208 for December 2022, compared to a combined total of 431,672 recorded for November 2022.
However, at a forum on January 11, 2023, Nigerian National Petroleum Company Limited group CEO Mele Kyari said the country could achieve crude oil production of 2.2 million barrels per day by 2023. .
“For us, we see a trajectory of restoring production, including condensates, within the year.
“We think we can hit a target of 2.2 mb/d, but our budget target is 1.8 mb/d, but we know it’s practical to achieve 2.2 mb/d within 2023,” he said.

By: Corlins Walter