The Nigerian National Petroleum Corporation has released data relating to the production capacity of the country. The data shows a total crude oil prodution of 748.7 million barrels of crude oil were produced.
The breakdown of the dat shows that the Production Sharing Contract segment achieved the highest crude oil output in the period under review, accounting for 43.9 per cent of total crude oil production or 328.4 million barrels of crude oil.
On the other side of the spectrum, marginal oil fields continued their dismal contribution to the crude oil output, contributing 3.01% of the total output during the period under review. This figure translates to 22.5 million barrels.
Further analysis of the data shows that the Nigerian Petroleum Development Company, the State owned drilling company accounted for 37.62 million barrels of crude oil or 5.02% of Nigeria’s total crude oil output.
Below is a list of the contributors and their respective outputs.
- Nigerian Petroleum Development Company- 37.62 million barrels
Independents- 47.89 million barrels
Production Sharing Contract- 328.4 million barrels
Alternative Finance- 113.84 million barrels
In addition, the NNPC said that it recorded total export revenue of US$226.47 million for the month of June 2016, recording a 21% increase relative to May 2016.