x

Nigeria’s Crude Oil Production Declines from 2.5 to 1.1 Million Barrels Per Day

By  Milcah  Tanimu

Recent data from Statista reveals a significant decline in Nigeria’s crude oil production over the past 23 years. At its peak, Nigeria produced 2.5 million barrels per day (mbpd), but by August 2023, this figure has dwindled to 1.1 mbpd.

A closer look at the historical data unveils a nuanced perspective. In the year 2000, Nigeria’s crude oil production averaged 2.15 mbpd, followed by an increase to 2.26 mbpd in 2001. Subsequent years witnessed fluctuations, with production ranging from 2.08 mbpd in 2002 to a peak of 2.52 mbpd in 2005.

However, this zenith was short-lived. From 2006 to 2016, a gradual decline set in, with production dropping to 1.89 mbpd in 2016. While there were minor recoveries in 2017 and 2018 (1.96 mbpd and 2 mbpd, respectively), the trend turned sharply downwards.

In 2022, Nigeria’s crude oil production plummeted to 1.45 mbpd, with a particularly concerning low point in August 2022, when the country produced only 972,000 barrels per day due to crude oil theft activities.

For 2023, data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) indicates production ranging from 1 mbpd in April 2023 to a peak of 1.26 mbpd in March 2023, considering oil production excluding condensates.

This ongoing decline underscores the urgent need to address the factors contributing to this trend and devise strategies for a more sustainable and robust oil production landscape in Nigeria’s future.

In comparison, Brazil’s ANP oil agency recently announced that the country produced a record-high 4.482 million barrels of oil equivalent per day, emphasizing the urgency for Nigeria to elevate its crude oil production.

Several factors drive this imperative, including the need to meet the ambitious 2023 budget oil production benchmark of 1.69 million barrels per day, ensuring sufficient stock for existing modular refineries, and bolstering the country’s revenues to address multifaceted government challenges.

Sources familiar with Nigeria’s oil industry dynamics highlight a critical shortfall in proactive efforts to boost oil production. They emphasize a historical complacency among the government and key stakeholders, content with past production rates but without laying the groundwork for necessary investments and infrastructure to increase production and combat theft within the industry.

This void in foundational initiatives places the country at a pivotal juncture, demanding immediate, strategic interventions to revitalize the oil sector. The imperative lies in this critical juncture where concerted actions can pave the way for a financially fortified and self-sustained nation.

Hot this week

Editors Urge Government To Create Safe, Enabling Environment For Journalists

· Ask security agents to find missing Vanguard journalist As...

EXCLUSIVE: Buhari orders probe of Isa Funtua, AMCON over keystone and Etisalat

Following the controversy generated by the leading opposition party,...

6 Signs your boyfriend thinks you are ugly -Take note of No. 2

They say there are three kinds of people; the...

2023: South-East, Middle Belt Forum Endorses Peter Obi

The South-East and Middle Belt Forum has endorsed the...

Kaduna health ministry partners CSOs, others for improved maternal, child health 

By Achadu Gabriel, Kaduna  Kaduna State Ministry of Health in...

GSM Market Inferno: Governor Yusuf Injects Over N2 Billion Into Market

By Jabiru Hassan, Kano. Kano State Governor, Abba Kabir Yusuf,...

Hon. Usman Gorau Distributes Vehicles and Motorcycles to Youths in Sokoto

By Muhammad Ibrahim, Sokoto  In a bid to empower youths...

SGF Meets Tor Tiv, Och’Idoma, Elders for Lasting Peace in Benue

Wilfred Francis The Secretary to the Government of the Federation...

Gov Ododo Lauds Ekinrin-Adde Community Over Infrastructure fund Raising

By Noah Ocheni, Lokoja The Kogi State Governor, Alhaji Ahmed...

Gov. During approves automatic employment for UAT first class graduates

Amgbare Ekaunkumo, Yenagoa  Bayelsa State Governor, Senator Douye Diri, has...

Gov Sani condemns killing of 12 Kaduna citizens in plateau LG, demands justice 

By Achadu Gabriel, Kaduna  Governor Uba Sani of Kaduna State...

APC plans takeover of Rivers, Bayelsa as Tinubu backs Gov Eno

By Ogenyi Ogenyi, Uyo .. The All Progressive Congress, APC,...
spot_img

Related Articles

Popular Categories

spot_imgspot_img