Nigerian crude oil production falls below 10%

NIGERIA’S total crude oil production from January to October 2020 fell by 10.25 per cent when compared to similar period in 2019.

Latest data from Nigerian National Petroleum Corporation (NNPC) monthly financial and operational report for November 2020 shows that for the eight months period, total oil and condensate production for January to October, 2020 was 553.59 million barrels while the figure for January to October, 2019 was 616.87 million barrels.

The report also revealed that production in September 2020 was 47.82 million barrels to mark a 23 percent decline from the 62.10 million barrels produced in September, 2019.

The data also showed that oil and condensate production for August 2020 was 51.15 million barrels, a drop of 20.87 per cent when compared to 64.64 million barrels produced in August 2019. For July 2020, production fell by 21.57 per cent to 51.26 million barrels, compared to 65.36 million barrels recorded in July 2019.

Also, oil and condensate production fell by 19.29 percent in June 2020 to 50.26 million barrels compared to 62.72 million produced in June 2019. Data for May 2020 showed that oil and condensate production was 54.24 million barrels, a fall of 9.63 percent compared to 60.02 million barrels produced in May 2019.

The report further showed that a total of 61.09 million barrels of crude and condensate was produced in April 2020, a rise 3.37 per cent compared to 59.10 million for April 2019. The figure for March 2020 crude oil and condensate production was 63.19 million, a marginal rise of 0.7 per cent compared to 62.75 million barrels in March 2019. The report also indicated that production in February 2020 rose by 7.87 percent to 60.02 million barrels compared to 55.64 million barrels.

Equally, the data for January 2020, showed that oil and condensate production rose by 5.05 per cent to 64.26 million barrels compared to 61.17 million barrels produced in January 2019. NNPC in the November MFOR explained that of the 49.94 million barrels of crude oil and condensate produced Joint Ventures (JVs) and Production Sharing Contracts (PSC) contributed about 30.73 per cent and 38.77 per cent respectively while Alternative Funding (AF), Nigeria Petroleum Development Company (NPDC) and independents accounted for 11.42 per cent, 9.93 per cent, and 9.15 per cent respectively.

According to the report, NPDC’s October 2019 to October 2020 cumulative production from all fields was 74,394,523 barrels of crude oil, translating to an average daily production of 187,392 barrels per day.