Nigeria generates less crude oil by 72.6 million containers in 10 months
Despite eased COVID-19 restrictions and production cuts by the Organization of the Petroleum Exporting Countries (OPEC), Nigeria produced less crude oil and condensate in the first 10 months of 2021 than in the corresponding period in 2020, according to the latest data. data from the Nigerian Petroleum Exploration and Production Regulatory Commission (NUPRC).
Last year saw severe restrictions of movement in most countries of the world due to the pandemic, resulting in less demand for transportation and industrial fuels and the collapse of oil prices though 2020 was a tumultuous year for the global oil and gas industry, Nigeria produced more crude oil last year than the corresponding period of 2021.
The report released by the new upstream commission showed that Nigeria has pumped less oil in the first 10 months of 2021 The country has in the first 10 months of this year (January to October), underperformed by 72.6 million barrels of crude oil and condensates when compared to 2020.
Nigeria’s total oil production has been on the decline for several months, with Libya overtaking the country in October as Africa’s number one oil producer, according to the most recent figures from OPEC, quoting primary sources.
Minister of State, Petroleum Resources, Mr. Timipre Sylva, and the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, recently disclosed that Nigeria would recover between October and mid-November, blaming the difficulty in restarting the oil facilities for the falling production figures.
A number of the country’s oil assets were shut down as a result of compulsory OPEC cuts due to covid-19 and the need to fully comply with the mandatory reduction in production.
However, experts have blamed years of under-investment, aging production facilities resulting in frequent shutdowns, sabotage, vandalism, community issues, and incessant force majeure by Joint Venture (JV) partners for the declining production.
The NURPC figures showed that while total crude oil and condensate of 65.9 million barrels were produced in January last year, it declined to 53 million barrels during the same period this year, a difference of a whopping 12.9 million barrels.
In addition, 62.4 million barrels of both crude oil and condensate were produced in February 2020; 65.8 million barrels in March; 62.9 million barrels in April; 55.3 million barrels in May; 51.4 million barrels in June; 52.7 million barrels in July; 52.8 million barrels in August; 50 million barrels in September and 52.3 million barrels of both condensate and crude oil in October.
In contrast, 49.3 million barrels of both types of fluid were injected in February this year; 54.2 million barrels in March; 50.6 million barrels in April, 51.4 million barrels in May; 49.1 million barrels in June; 50.8 million barrels in July; 47.4 million barrels in August; 45.9 million barrels in September and 47.2 million barrels in October.
Overall, while 571 million barrels of crude oil and condensate were produced from January to October 2020, this figure dropped markedly to 498.9 million barrels in the first 10 months of 2021.
Data showed Nigeria’s crude oil production declined from 55.1 million barrels in January 2020 to 42.1 million barrels in 2021 and from 52.1 million barrels in February 2020 to 39.8 million barrels in February 2021 …