Fakoyejo Olalekan
Nigeria’s crude oil production has increased to 1.59 million barrels per day, according to the Chief Upstream Investment Officer at the NNPC Upstream Investment Management Services (NUIMS), Bala Wunti.
The figure provided by Wunti is above the 1.01 million barrels per day in October reported by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
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Wunti stated that the 1.59 million barrels per day wast on Tuesday, December 6. He revealed this on Tuesday during the ongoing 11th Practical Nigerian Content forum in Uyo, Akwa-Ibom state.
With crude oil production level rising, the NNPC official said the oil corporation, in collaboration with security agencies, oil companies and hosting communities, are working on curbing oil theft.
Crude production rising amid oil theft
Oil theft has caused Nigeria revenue losses, with a decline in oil earnings dragging foreign trades down in the third quarter of 2023 according to the National Bureau of Statistics (NBS).
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If the oil theft continues in 2023, Nigeria’s National Security Adviser (NSA), Major General Babagana Monguno, disclosed the Federal Government may lose an estimated $23 billion.
Losses caused by oil theft have risen significantly since 2015 when Chatham House reported in a study that Nigeria loses between $3 billion to $8 billion in a year to crude oil theft.
Speaking on the efforts of stakeholders in the oil industry, Wunti said, “We have security agencies in which the Navy, the police, and everyone within that space were involved.
“The second is the regulators’ angle. At this stage, all regulators are made to fully be part of the efforts. The third is the operators’ angle. And, of course, all operators were involved.
“The fourth angle is the community angle in which all impacted communities have to be brought under the umbrella of a structured arrangement in the collective effort against crude oil theft.
“As of today, oil production is at 1.59 million barrels per day,” the Chief Upstream Investment Officer said during the event.
Crude Oil Production Rises!
