Nigeria’s crude oil output drops by 11.6% in 2022
January 9,2023
Crude oil production in Nigeria fell by -11.6 per cent (or 163,000 barrels per day) last year to 1.235 million barrels per day (mbpd) in December 2022, as the country loses revenue to activities of oil vandals and oil theft.
Ripples Nigeria had reported the country lost its position as the largest crude oil producer in Africa to Angola in the second quarter (Q2) and third quarter (Q3) of 2022, with production dropping to 0.937 million barrels per day in September
During that period, crude oil exports also declined from N5. 91 trillion in Q2 2022 to N4. 66 trillion in Q3 2022 due to oil vandals and oil theft, causing revenue loss on the part of the government.
According to figures from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) covering 12 months period of January to December 2022, Ripples Nigeria gathered that crude oil production recovered at the end of the fourth quarter, nearing the output levels of the first quarter
In Q1 last year, between January to March, crude production was put at 1.398mbpd, 1.257mbpd, and 1.237mbpd respectively
The output continued to fall in the second quarter, as Nigeria recorded 1.219mbpd in April, 1.024mbpd in May, and 1.158mbpd in June.
The output continued to fall in the second quarter, as Nigeria recorded 1.219mbpd in April, 1.024mbpd in May, and 1.158mbpd in June.
In the third quarter of July, August, and September, it was learnt that 1.08mbpd, 0.972mbpd, and 0.937mbpd were recorded during the respective months.
The production output in Q4 reversed to the levels of the first quarter, with October production hitting 1.014mbpd, November output was placed at 1.185mbpd and December closed at 1.235mbpd
