In August 2022, Nigeria's crude oil production fell below 1 million barrels per day, Okechukwu Nnodim reported.
Nigeria's crude oil production fell again in August 2022, falling below 1 million barrels to 972,394 barrels, the lowest level in several years.
According to the latest data from the Supreme Petroleum Regulatory Commission in Abuja, Nigeria, it fell from 1,083,899 barrels in July to 972,394 barrels in August. So, in August, Nigeria lost about 111,505 barrels of crude oil per day after learning that the National Oil Company of Nigeria Limited had applied for a special court at the Federal High Court to speed up the prosecution of oil thieves and pipeline breaker .
According to documents obtained by our reporter, total crude oil production fell by 3,456,666 barrels per month from 33,600,878 barrels in July 2022 to 30,144,212 barrels in August. According to data collected by the international analysis firm countryeconomy.com, the average price of Brent, the global benchmark for crude oil, was $100.5 per barrel.
So Nigeria, which lost 3,456,666 barrels in August, lost $364.68 million or $155.87 billion in the month under review (at Thursday's official exchange rate of $427.43/USD). Analysis of the Nigerian crude oil and condensate production report for 2020, 2021 and 2022 shows that the 972,394 bpd produced in August 2022 was the lowest in several years.
All estimates for 2020 and 2021 oil production exceeded 1 million barrels between January and July 2022, but fell below 1 barrel in August 2022. For example, in January, February, March and April 2022, the country's crude oil production (excluding condensate) was 1.39 barrels, 1.26 barrels, 1.24 barrels and 1.22 barrels per day.
In May, June and July 2022, these figures were 1.02 mbpt, 1.16 mbpt and 1.08 mbpt/day respectively. However, in August, this number dropped from 1 MB/day to 0.97 MB/day.
Oil theft is a common cause of declining oil production in Nigeria, but oil theft has not decreased. Because of this, the Nigerian Petroleum and Natural Gas Management Association has threatened to shut down oil production across the country if the federal government fails to respond to the threat.
PENGASSAN launched a protest on Thursday to protest the continued theft of crude oil in several states, accusing soldiers and other security personnel of conspiring with the thieves to perpetuate the crime. According to Festus Osifo, the president of the association, most onshore oil exploration activities in Nigeria have been halted due to massive oil theft in the Niger Delta.
"We have had meetings with security services and industry representatives on what to do to stop oil theft, but these meetings do not seem to have come to fruition," he said. "Because the engine has not achieved significant results with the government, we are not enough behind the four walls of the office."
Many oil companies have helped more than $ 100 and many oil companies helped them, but many oil companies helped.
In Penesi, the president said that the country borrowed several N6TN to raise budget funds in 2022 and said: "We (Nigeria) reached 1.9 mln."
ASIFO stressed that mass oil stole the economy against other sectors of the economy, and the manufacturer stressed that the government cannot receive money from the deposit president, because the Government presses them.
Now, as the government can pay, it costs money from companies and private producers. They can print money to pay off debt at the expense of producers."
He called on the Federal Government to wake up and face the menace of oil theft to prevent oil producers across the country from completely shutting down production. To allay concerns, the NNPC on Thursday announced on Twitter that the group's managing director, Mele Kyari, would meet with Chief Justice John Tosho, the Chief Justice of the Federal High Court of Nigeria.
The meeting said the aim was to seek the support of the judiciary to set up special courts for oil theft and pipeline violations.