• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Sectors Energy

FG needs to tackle two issues to meet 1.69 mb/d oil production in 2023 – KPMG

Experts at KPMG Nigeria have reviewed the expected oil production rates for the year 2023 and they think the goal can be met if only these issues are tackled by the government

Omono Okonkwo by Omono Okonkwo
January 11, 2023
in Energy, Sectors
FG needs to tackle two issues to meet 1.69 mb/d oil production in 2023 – KPMG

Tola Adeyemi, Senior Partner KPMG in Nigeria

Share on FacebookShare on TwitterShare on Linkedin

Tola Adeyemi, the Regional Senior Partner (Nigeria and West Africa) at KPMG have said that outgoing and incoming government administrations need to tackle crude oil theft and low investments in the sector by oil producers to achieve the 1.69 million barrels per day crude oil benchmark in the 2023 budget.  

He stated this on Tuesday, January 10 while presenting the KPMG Budget Day programme on Arise TV. He said:

  • “Achieving this level of production is going to require tackling the issue of oil theft and investments in the oil sector by the oil producers. This is key and is something that both the outgoing and incoming administrations will need to address. Total non-oil revenues exceed oil revenues, which is good because it speaks to the diversification of the economy, but it also suggests underperformance by the oil sector.  
  • “When we unpack the oil revenues further, we see that they are based on certain assumptions. One important assumption is the level of oil production. The estimated oil production for the year 2023 is 1.69 million barrels per day. This is big considering where we are coming from which is about 1.2 million barrels per day.”  

Reasonable benchmark: Also commenting on the benchmark oil production rate, Adewale Ajayi, a partner at KPMG Nigeria, said 1.69 million barrels per day is reasonable. According to him, some factors will determine global crude oil prices and production, which will, in turn, affect Nigeria’s production. He said: 

RelatedStories

KPMG, EY, PWC lead highest earning audit companies in 2024 

KPMG, EY, PWC lead highest earning audit companies in 2024 

May 19, 2025
Insights: Targeted safety net programs will protect Nigerians from fuel subsidy removal burdens – KPMG

KPMG urges Nigerian banks to embrace blockchain and partner with crypto firms

March 17, 2025
  • “What is going to happen with the ongoing Russia-Ukraine war, and how long is it going to last, of course, we need to consider the reaction of the Organization of Petroleum Exporting Countries (OPEC) to challenges facing the oil sector. Also, is the global oil market going to have a buyer cartel? Looking at these factors, I think it is clear that the global oil market is in deficit so we expect that there will be a reduction in oil supply but it will not be enough for OPEC to change its production per day.” 

Ajayi explained that the Nigerian government has made some efforts to tackle security issues that hampered crude oil production in 2022. Now, the country’s current oil production has gone up to 1.2 million barrels per day. 

He, however, stated that although Nigeria is still unable to meet the 1.8 million barrels per day OPEC quota, things are currently looking up, and oil companies now feel confident enough to inject more oil into terminals/pipelines.   

For the record: Tola Adeyemi in his presentation also highlighted the fact that fuel subsidy payments removal will require courage and political will on the part of the next administration following the outcome of the forthcoming general elections in February 2023.  


Follow us for Breaking News and Market Intelligence.
Tags: KPMGTola Adeyemi
Omono Okonkwo

Omono Okonkwo

Omono Okonkwo is an accomplished Mass Communicator, with a remarkable track record spanning over a decade across various dimensions of the field. Her proficiency encompasses Print, Digital, and Broadcast Journalism, Copywriting, Research and Writing, Podcasting, Public Speaking, as well as a comprehensive grasp of Energy Markets. Her engagement in energy market coverage commenced officially in 2016, as she assumed the role of a country correspondent (Nigeria) with Natural Gas World, a subsidiary of Minoils Media based in Vancouver, Canada. Since then, Omono Okonkwo has consistently demonstrated excellence and left an indelible mark on the ever-evolving energy sector.

Related Posts

KPMG, EY, PWC lead highest earning audit companies in 2024 
Exclusives

KPMG, EY, PWC lead highest earning audit companies in 2024 

May 19, 2025
Insights: Targeted safety net programs will protect Nigerians from fuel subsidy removal burdens – KPMG
Cryptos

KPMG urges Nigerian banks to embrace blockchain and partner with crypto firms

March 17, 2025
FG moves to address Nigeria’s telecom issues as KPMG submits sustainability report 
Sectors

FG moves to address Nigeria’s telecom issues as KPMG submits sustainability report 

January 8, 2025
Insights: Targeted safety net programs will protect Nigerians from fuel subsidy removal burdens – KPMG
Appointments

KPMG announces appointment of six Nigerians among nine new partners in West Africa

October 1, 2024
NCC,
Sectors

Nigerian Communications Commission directs telcos in Nigeria to conduct billing audits amid industry sustainability concerns

July 23, 2024
Insights: Targeted safety net programs will protect Nigerians from fuel subsidy removal burdens – KPMG
Economy

KPMG faults FG’s 50% windfall tax, says legal disputes may arise  

July 19, 2024
Next Post
Nigerian Cinemas revenues drop to N278 million February compared to 819 million in JanuaryNigerian Cinemas revenues drop to N278 million February compared to 819 million in January

 Nigerian Cinemas generate revenue of N6.94 billion in 2022

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank
Zenth Bank








DUNS

Recent News

  • EFCC arraigns SunTrust Bank MD, Executive Director over alleged $12 million money laundering 
  • Cornerstone Insurance declares 27 kobo final dividend, reveals payment date and criteria 
  • Oil Subsidy Fraud: EFCC declares Fargo Petroleum MD wanted over alleged N976 million scam 

Follow us on social media:

Recent News

EFCC: Achimugu’s case unrelated to Atiku, Sanwo-Olu, agency says

EFCC arraigns SunTrust Bank MD, Executive Director over alleged $12 million money laundering 

June 13, 2025

Cornerstone Insurance declares 27 kobo final dividend, reveals payment date and criteria 

June 13, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics