Nigeria’s crude oil production drops for third consecutive month

Nigeria’s crude oil production has remained below par, decreasing to an average of 937,766 barrels per day in September.

The Nigerian Upstream Petroleum Regulatory Commission said this in its latest crude oil and condensate production data for September 2022.

The production figure is 3.56 percent or 34,628 bpd lower compared to the August 2022 output at 972,394 bpd.

The latest figure, according to TheCable represents a third consecutive all-time low in production.

It is also lower than the 1.8 million bpd production quota set by the Organisation of Petroleum Exporting Countries.

According to NUPRC’s data, with the addition of condensate, oil output plunged to a total of 1.14 million bpd from 1.18 million posted last month.

Condensate is a mixture of light liquid hydrocarbons, similar to a light (high API) crude oil — usually separated out of a natural gas stream at the point of production (field separation) when the temperature and pressure of the gas are dropped to atmospheric conditions

In January, February, March, April, and May, the country’s crude oil production averaged 1.39 million bpd, 1.25 million bpd, 1.24 million bpd, 1.22 million bpd, and 1.02 million bpd, respectively.

Also, crude oil production averaged 1.16 million bpd and 1.08 million bpd in June and July, respectively.

The country has been grappling with low production in the face of the lingering oil theft and pipeline vandalism.

Recall that recently, the Nigerian National Petroleum Company Limited said it uncovered an illegal 4-kilometre pipeline from Forcados terminal to the sea, and a loading port that had operated for nine years.

The menace has also led to a dip in oil revenue, according to NNPC.