Nigeriaâs crude oil output has risen to between 1.6 million and 1.7 million barrels daily due to boosted security measures to prevent oil theft.
Emmanuel Ikechukwu Ogalla, Chief of Naval Staff, disclosed this on Tuesday, August 6, 2024.
The Nigerian Midstream and Dowmstream Regulatory Authority (NMDPRA) and Nigeria Upstream Petroleum Regulatory Commission (NUPRC) are yet to confirm Ogallaâs figures.
Analysts will be on the watchout for OPECâs oil production report for July to see if Ogallaâs figures and those of the oil cartel will align.
Ogalla disclosed that Nigeria produced about 1.2 million barrels per day in February.
According to him, security operatives have intensified surveillance and enforcement in the countryâs oil-producing areas.
He said:
The Naval chief stated that the Navy had blocked channels to sell stolen and illegally refined petroleum products.
According to reports, the minister of petroleum resources (oil), Heineken Lokpobiri, disclosed that Nigeria could potentially produce about 6 million barrels per day with sufficient investment in the energy sector.
He stressed that Nigeria and other African oil-producing countries need more capital for exploration and gas.
Data from the Organisation of Petroleum Exporting Countries (OPEC) shows that Nigeriaâs highest crude oil production was about 1.43 million daily barrels in January 2024.
The oil cartelâs Monthly Oil Market Report is based on secondary sources and placed Nigeriaâs average daily crude oil production at 1.32mbpd in June 2024, a decline of 10,000 barrels compared to Mayâs figure of 1.372 million barrels per day.
The development comes as the Nigerian National Petroleum Company Limited (NNPC) is reportedly scouting for a new crude oil-backed loan.
Experts see the move as a blow to the Dangote and other refineries across Nigeria that desperately need crude for production.
Dangote, NNPC, and NMDPRA have been fighting over crude oil supply and product quality from the $20 billion Dangote Refinery.
TimesNow.com.ng earlier reported that the Nigerian National Petroleum Corporation (NNPC) Ltd had announced the launch of the Utapate crude oil blend, a new grade of crude oil, into the international market.
The oil was produced from Oil Mining Lease (OML) 13, fully operated by NNPC Ltdâs upstream subsidiary, Nigerian Petroleum Development Company (NEPL).
The Utapate crude oil blend began operations in July 2024, and the first cargo was shipped to Spain.
Proofread by Kola Muhammed, journalist and copyeditor at TimesNow.com.ng
