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CRUDE OIL PRODUCTION
The Sterling Oil Exploration and Engineering Petroleum Company (SEEPCO), an Anambra-based oil exploration firm, expressed concerns over the adverse impact of insecurity on its operations, particularly crude oil exploration.
Oil Minister disputes OPEC data, insists Nigeria’s crude oil production is 1.7 million barrels daily
The State Minister of Oil, Heineken Lokpobiri, has insisted that the country is producing 1.7 million barrels of crude oil daily including condensates.
The Minister of Budget and Economic Planning, Atiku Bagudu, has outlined the necessity for Nigeria to ramp up its oil production to nearly 4 million barrels per day (bdp) to address the country’s economic challenges.
Nigeria is set to boost its crude oil production with the launch of a new terminal, Utapate, in the Niger Delta region, according to data from Bloomberg.
Nigeria’s average daily crude oil production in the month of June rose marginally to 1.276 million barrels.
The Nigerian National Petroleum Company, Ltd has declared war against the challenges affecting the country’s crude oil production and further calling for collaboration between stakeholders in the oil and gas industry in the fight.
Commercial crude oil production started in Nigeria in 1956 but local crude oil refining did not start until 1965 when the first crude oil refinery was commissioned.
Nigeria’s average crude oil production in May fell to 1.25 million barrels daily in May from 1.28 million bpd recorded in April 2024.
A Reuters survey on crude oil production in May has revealed that Nigeria’s average crude oil production increased by 50 thousand barrels.
Fitch Ratings has stated that the ongoing foreign exchange (FX) reforms are necessary to boost foreign direct investment (FDI) and foreign portfolio investment (FPI).
The Deputy Governor in charge of Economic policy at the Central Bank of Nigeria (CBN), Muhammad Sani Abdullahi has projected Nigeria’s external reserve to increase from around $34.98 billion to over $35 billion by the end of March 2024.
For the month of December, Nigeria’s average daily crude oil production reached 1.418 million barrels from the 1.31 million barrels recorded in the month of November.