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Over $165.45m Daily Revenue Coming From Crude Oil As NNPC Raises Production Volume To 1.72 Million Barrels

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overlay-cleverThis is as a result of the decision of the NNPC Limited working collaboratively with the security agencies to tackle the issue of crude oil theft and pipeline vandalism in the country.

Figures obtained from the NNPC Limited showed that Crude Oil Production had risen from about 1.6 million barrels per day to 1.728mbpd, inclusive of condensate volumes of 284,758 barrels.

The implication of this is that the NNPC is getting very close to the 1.8 million barrels per day oil projection target.

Findings revealed that total gas produced by the National Oil Company as of 18th September 2023 is 7,100 mmscf/d.

This comprises of domestic gas of 1,659 mmscf/d, gas to export of 2,788 mmscf/d, and gas flared 422 mmscf/d.

Crude oil (Dated Brent) was priced at $95.725 on 20th September and it is lower than the previous day by -$1.140.

At the price of $95.725 barrel, it implies that the country will be making over $165m daily from the production of 1.72 million barrels per day.

The Group Chief Executive of the NNPC Limited, Mr Mele Kyari had said that President Bola Tinubu had re-engineered the security approach to tackling crude oil theft.

He said that through the support provided by the federal government, the country is making huge success in the fight against crude oil thieves and pipeline vandals.

According to him, the activities of vandals, if left unchecked, would destroy the oil and gas industry and ultimately frustrate the NNPC’s mandate of guaranteeing energy security for Nigerians.

He had said, “The government security agencies in partnership with NNPC and other companies are on the table today because if we don’t arrest pipeline vandalism, we will have no industry.

“And more than anything else, it will completely question any possibility of energy security for our country. For NNPC, we are by law required to be the guarantor of energy security for this country. This is very broad, very tough and very demanding. It means that we must supply energy to this country in all its forms.

“I am happy with the support we are getting from government security agencies and it is working. Also the involvements of private security is working and it has helped us.

“We are already seeing very significant changes in our production environment. This is substantial if you look at the situation where we were almost below a million barrels per day some months ago.”

ENDS

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