The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said the country’s crude oil production increased to 1,235,317 million barrels per day by December 2022.
This is stated in the oil production commission. status report for December 2022, published on Sunday 8 January and seen by Nairametrics.
More details about this: The report shows that the crude oil production rate for the month under review was 1,235,317 compared to the November 2022 rate of 1,185,604.
- The report also reveals that the combined condensate rate for the period increased to 47,913 from 40,691 in November 2022.
- Meanwhile, unmixed condensate rates decreased to 130,400 from 187,799 in November 2022.
- The addition of crude oil production to mixed and unmixed condensates amounted to 1,413,631 million barrels per day by December 2022. This is a decrease from the November 2022 rate (which includes crude oil, condensate mixed and unblended) to 1,414,093 million barrels per day.
- The crude oil production rate in December 2022 was the highest production level since March 2022 when the rate was 1,237,573 million barrels per day.
- Likewise, by December 2022, crude oil production stood at 38,294,836 million barrels.
- Mixed condensates amounted to 1,485,313, while unmixed condensates amounted to 4,042,406, for a total of 43,822,555 million barrels.
The threat of crude oil: The report shows that, for most of April to September 2022, the country battled crude oil theft to the point that the Nigerian National Petroleum Company (NNPC) Limited collaborated with security agencies to fight theft. threat in the south-south region of the country. However, the figures for December 2022 show that the efforts are paying off.
Other forms of losses: In December 2022, NNPC Upstream Investment Management Services (NUIMS) Chief Investment Officer Bala Wunti said that During crude oil production, there are other types of losses besides oil theft. He highlighted the three types of losses as follows:
- Engineering losses that no one takes into account as it is part of the engineering process.
- Actual losses where hydrocarbons are produced but stolen
- Opportunity losses arise because operators cannot produce what was initially planned.
For the record: In December 2022, NNPC Upstream Investment Management Services (NUIMS) Chief Investment Officer Bala Wunti saying Nigeria’s crude oil production as of December 6 was 1.59 million barrels per day.
Nigerian Finance Minister Zainab Ahmed recently announced that the oil sector is no longer the main financier of the country’s budget. He highlighted the fact that the government expects 22% of projected revenue to come from oil-related sources, while 78% is expected from non-oil sources for the 2023 budget.