Nigeria's oil production hits a 74-month high
Written by: Ayman Ragab
Nigerian officials announced over the weekend that the country's crude oil production last month hit its highest level in 74 months, averaging 1.56 million barrels per day, equivalent to 1,041 TP3T of the production quota set by OPEC.
Nigeria, Africa’s largest oil producer, has managed to raise its production levels in recent years, thanks to efforts to strengthen the fight against oil theft, particularly by engaging former militants who were active in sabotaging pipelines, with the aim of helping to secure oil facilities.
Greater focus on exploration operations
The gradual withdrawal of several major foreign oil companies from some onshore projects, due to pollution issues in the Niger Delta region and their desire to focus more on exploration and production operations in offshore areas, has also contributed to giving local companies a greater role within the oil sector.
The Nigerian Oil and Gas Regulatory Commission (NUPRC) said in a statement issued Sunday evening: “The improved performance is mainly due to the stability of production operations at most sites and the absence of major pipeline disruptions during the period under review.”.
The authority explained that oil production, including condensates, averaged 1.74 million barrels per day during June.
The Nigerian government continues to emphasize its goal of reaching a production level of two million barrels per day.
Major challenges
For years, Nigeria’s oil sector, in Africa’s most populous country, has faced major challenges due to illegal crude oil theft, along with allegations of corruption and mismanagement.
June's figures are the highest in crude oil production since April 2020, an indication of a gradual improvement in the performance of the Nigerian oil sector.
