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Nigeria’s oil production declines by 1.7% in September – Reports

Published

7 months ago

on

14 October 2024

By

Francis Adakole

Nigeria s oil production declines by 1 7 in September Reports — Aerial view of Nigeria Liquefied Natural Gas (NLNG) plant at Bonny Island in Rivers State on March 22, 2013. Shell Petroleum Development Company of Nigeria (SPDC) has threatened to shut down production in April for nine days in the entire Nembe Creek Truck Line (NCTL) to remove a number of bunkering points on pipelines vandalised by oil thieves in the region. "Whenever we observe a spill, or have a spill on our lines, we shut down production to depressurize and isolate the line, only then can we safely repare our lines because it is then safe to manipulate the line", said Jurgen Jonzen, SPDC corporate pipeline asset manager. Last year, 157 bunkering points were removed and 116 were leaking on the whole SPDC exploitation. Since 2009, SPDC has exprienced an upsurge in vandalisation of pipeline network by criminals causing severe environmental devastation of the region and forcing the company to lose 60 000 barrels daily this year. AFP PHOTO / PIUS UTOMI EKPEI

Nigeria’s oil production, including condensates, witnessed a decline in September 2024, falling to 1.544 million barrels per day (bpd) from 1.570 million bpd in August.

This represents a 1.7% decrease in output month-on-month, according to the latest report by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

The reduction in oil production highlights ongoing challenges in Nigeria’s upstream sector, which has faced various operational hurdles, including infrastructure issues, theft, and fluctuating global oil prices.

READ ALSO: NNPC E&P Ltd, NOSL announce successful commencement of oil production at OML 13 in Akwa Ibom

The October 2024 Crude Oil and Condensate Production report by the NUPRC details the month’s performance, indicating the need for continued efforts to stabilize and boost production levels.

As Africa’s largest oil producer, fluctuations in Nigeria’s oil output have significant implications for its economy, which is heavily reliant on oil revenues.

The government and industry stakeholders will be looking closely at these trends as they work to address the underlying issues affecting production.

More details to follow…

(Vanguard)

Related Topics:Akwa Ibom Niger Nigerian Upstream Petroleum Regulatory Commission (NUPRC)NNPC NOSL NUPRC OML

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