Nigeria is making progress on oil earnings following security improvements in the Niger Delta region, as the country raised an additional 363 billion naira from crude oil sales in the months of October, November and December 2022.

Figures obtained from the Federal Ministry of Petroleum Resources on Sunday showed the country’s oil production rose by 1.014 million barrels per day in October, up 0.077 mbpd from production of 0.937 mbpd in September.

In November, the country pumped 1.185 mbpd of crude, indicating an increase of 0.171 mbpd compared to the daily production of the previous month of October.

Also, in December last year, oil production continued to increase as Nigeria produced 1.253 mbpd last month, indicating an increase of 0.05 mbpd compared to its production in November.

Data obtained from Statistica and Countryeconomy, two international economic and statistical firms, showed that in October, November and December 2022, the average cost of Brent, the world crude oil benchmark, was $93.4/barrel, $89.62/ barrel and $76.42/barrel, respectively.

Since oil production in Nigeria increased by 0.077 mbpd in October, this represents an increase of 2.387 million barrels in that month.

At an average crude oil price of $93.4/barrel in the review month, this implies that the country earned an additional $222.95 million (N101.02 billion, at the official exchange rate of $N453.1) in October 2017. last year.

In November, Nigeria’s oil production increased by 0.171 mbpd, the equivalent of 5.13 million barrels in that month, while the average price of crude oil in the same month stood at $89.62/barrel.

This indicates that Nigeria’s oil profits increased by $459.75 million (N208.31bn at the official Central Bank of Nigeria exchange rate of N453.1/$).

In December 2022, Nigeria’s oil production grew 0.05 mbpd, representing 1.55 million barrels for the review month, while the average cost of Brent was $76.42/barrel.

Thus, the federal government’s revenue from the export of crude oil increased last month by $118.45 million (N53.670 million at the official exchange rate of N453.1/$).

Adding up the increase in monthly revenue over the period showed that Nigeria earned an additional 363 billion naira from oil sales within three months of improving security in the Niger Delta region.

The president, Major General Muhammadu Buhari (ret.), recently ordered security agencies to crack down on crude oil theft and pipeline vandalism in the Niger Delta by May 29, 2023.

He said the order became vital to effectively increase the country’s oil production, stressing that the federal government could no longer tolerate criminality.

Buhari gave the directive through Minister of State for Petroleum Resources, Chief Timipre Sylva, while addressing Operation Delta Safe Joint Task Force troops in Effurum, Delta State, and Port Harcourt, Rivers State.

Sylva was quoted in a statement issued in Abuja by his press assistant, Horatius Egua, as saying: “Mr. The president has given us the mandate to eradicate oil theft. He has ordered that no liter of crude oil be stolen in the entire country, especially in the South-South.

“He wants oil theft to be completely eliminated by May 29, 2023, as one of his government’s legacies. This is the message of the president. We are not where we want to be, but we are happy with what we are seeing.”

Before the Federal Government’s renewed efforts to combat the threat of crude oil thieves, the country’s daily crude oil production was about 900,000 barrels per day.

But with recent improvements in security efforts, there has been an increase in oil production, as production has risen to around 1.5 million barrels per day, according to the statement.

Sylva added: “I am happy to know that morale is high here. We were here a few months ago to hand over the mandate of the president and it is to ensure that there is zero tolerance for the theft of crude oil in the region.”

Improved oil production has boosted the country’s earnings from crude oil sales, though Nigeria still spends billions of Naira subsidizing Premium Motor Spirit, popularly called gasoline.