The expectation that Nigeria’s current dollar crunch could subside soon has again been dashed as the country’s crude oil production remained below expectation, slumping to 1.083 million barrels per day in July.

July’s production figure, sourced from the data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), followed the trend in the country’s abysmally low drilling capacity in at least the last 10 months.
For the month under review, however, the country’s production allocation by the Organisation of Petroleum Exporting Countries (OPEC) was roughly 1.8 million (1.799) barrels per day.

This means that Nigeria could not produce as much as 717,000 bpd or 22.22 million barrels during July. When valued at a conservative price of $110 per barrel, the 22.22 million barrels were about $2.444 billion for the month.
While the rest of the oil-producing world and oil majors continue to enjoy high oil prices, Nigeria’s case has been different.

Though the country currently needs every dollar it can get, as pressure on the economy, due to the near non-availability of the greenback continues to mount, the slump in oil production has dashed this hope.

For months, the Nigerian National Petroleum Company Limited (NNPCL) has not been able to remit a kobo to the federation account.
The company blamed the extant subsidy payment regime as well as the massive ongoing oil theft in the Niger Delta.

In addition, Nigeria has fingered years of declining upstream investment, inability to restart oil wells shut in the wake of the COVID-19 pandemic in 2020 as well as outright sabotage by oil-producing communities for its lack of capacity to raise production.

If there’s no improvement by September, the production deficit is likely to get worse, since OPEC and its allies agreed to an increase in oil production this month, following calls by the United States and other major consumers for more supply.
In the latest round of distribution of quotas, Nigeria got a modest 4,000 bpd increase, raising its production quota to 1.830 million bpd for September as opposed to the 1.826 million bpd output it got for August and 1.8 million bpd in July.

Nigeria only managed to hit just 1.158 million bpd in the June assessment after it fell to a record low of 1.024 million bpd in the previous month of May.

In the 2022 budget, the federal government pegged the crude oil benchmark at $73 bpd with the projected oil production put at 1.88 million bpd

A recent THISDAY review indicated that Nigeria produced less crude oil in the first six months of this year compared with the same period in 2020 and 2021.

It showed that Nigeria’s total of 220.016 million barrels of oil drilled in 2022, is less than the 302.4 million in 2020. That’s roughly a 27.15 per cent decrease.

The NUPRC data further showed that in the first six months of 2021, when the world had started recovering from the pandemic, Nigeria also surpassed this year’s six-month drilling total for the same period by 28.6 million barrels.

Specifically, while the country managed to produce 302.4 million barrels in 2020, it drilled 248.6 million barrels in the same period in 2021, but it quickly degenerated to 220.016 million barrels from January to June this year. That is an 11.29 per cent change between 2021 and 2022.

Of the country’s recorded 35 terminals/streams, the NUPRC data showed that Ajapa, Ima and Anambra Basin remain non-producing, while Tulja-Okwuibome started producing in 2022, after a period of dormancy in 2020 and 2021.

The new low production became worse in May when 1.024 million bpd was recorded. In June, it was 1.158 million bpd, according to self-reported data by the government, however, it has fallen again to 1.083 million bpd in July, far from the projection for the period. It was also markedly lower than the production for April, which stood at 1.219 million bpd.

Similarly, Nigeria produced 1.398 million bpd in January, 1.257 million bpd in February and 1.237 in March, according to the NUPRC data.
But despite the huge gulf between expected and actual production, the Minister of State, Petroleum, Mr Timipre Sylva, had recently said the gap would be filled by this August.

Sylva’s comment came after similar assurances by the Group Chief Executive Officer, NNPCL, Mallam Mele Kyari, that the country would drill enough oil to cover the deficit by December last year.

SOURCE:https://brandspurng.com/2022/08/08/no-respite-for-nigeria-as-oil-production-falls-to-1-083m-bpd-in-july/

No rest for the wicked

Before December I can assure you one dollar will be a thousand naira.
Unfortunately the damage done by previous government will not change anytime soon.
Even Obi cannot change the tide. One man cannot change Nigeria.
Reno just made us realize that even if Obi make it to the villa he would still be surrounded by corrupt politicians in the national assembly.
CONCLUSION
vote credible people at all levels of government to help bring a change.

Wow!

This is a great achievement for the APC government.

Something that the PDP couldn't achieve in 16 years.

Sixteen years.

With a record oil price of over $100p/b: External reserves have been depleted; excess crude account has been emptied.

APC CHANGE!

BOYS MUST CHOP
BUNKERING LEVELS

Im sorry for Nigeria, if Peter Obi does not take the wheels of this nation.

Vulturereloaded:
Im sorry for Nigeria, if Peter Obi does not take the wheels of this nation.

You want to kill the man for his family?

Make the oil kuku finish

.... While SANE oil producing countries are massively cashing out / smiling to the bank courtesy of the Ukraine /Russia war ..... Daaaaaaaaamn it

Other than sadistically impoverishing it's citizens,
I wonder what else this eleribu, useless, lifeless govt of self SERVING THIEVES AND BLOODTHIRSTY TERRORISTS can ever do right

Buhari is a PERPETUAL FIASCO

Nig urgently needs a SANE, SOUND and COMPETENT LEADER!

No wonder Maggotbbqgrillz has abandoned his zombie stipend for blogging after 8 years, Drugnibuadvocate is looking for Canadian visa all thanks to APC and yet the useless party have the courage to present an 80 year old cocaine sniffer called Emilokan.

May APC never happen to Nigeria ever again.

The useless Emilokan criminal baba brought this calamity to Nigerians. An idiot who could not raise flag up.

Apc from top to bottom.
It isn't something to be happy about or worth making a caricature of, but this present government has so much failed in so many areas that you keep wondering the reason for their current stay in power.

The Apc government has failed us. Instead of capitalising on the ongoing war between Russia and Ukraine to boost the country's economy, rather they are on the losing end and thereby impoverished the citizens.

Who did we offend.


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Sad

Well APC have devasted Nigeria to the point of collapse.

Nigeria needs a vision driven leader

Even if it rises what's the benefit for the citizens

When you have a confirmed dullard that surrounded himself with Dillard's alike, what do we get

High or low, square pegs in round holes won't work

So sad, where we find ourselves as a nation.

Lets vote right.

skywalker240:
Even if it rises what's the benefit for the citizens

When you have a confirmed dullard that surrounded himself with Dillard's alike, what do we get

High or low, square pegs in round holes won't work

We need the extra dollars for currency stability

It is not possible for people to be stealing oil in this large amount if the head which is buhari(minister of petroleum) is not benefitting from the theft.

Oil theft.



Simply put, the people at the top now steal more oil in a day.

Buhari the minister of Petroleum. By the time APC is done with Nigerians, una go dey smell like burnt roasted corn.

If you actually believe that Nigeria produces this low amount of oil on daily basis, both onshore and offshore, then you can believe anything. Before Buhari, a CIA report suggested that more than half of oil produced in Nigeria on daily basis was stolen! But I think that under this regime, they are trying to steal everything and the quietness exhibited by most Nigerians seems to have given them much confidence. First they made sure that every single part of the Oil industry is controlled by northerners, including the ministry of petroleum headed by Buhari himself! Then they told you that NNPC can not remit anything into the federation account for months now and you agreed. Now they're telling you that they barely can produce up to one million barrels of oil per day and you're about to gobble that one too. You are the monumental mumu here. These guys don't want to share anything coming from oiland gas with anyone anymore...

When Buhari saturated The NNPC with his northern brothers some of us in the opposition, shouted ourselves hoarse but we were called names. When he skillfully got rid of Kemi Nelson and foisted that monumental dumb numbskull that is there now as the finance minister, we raised alarm about this attempt to corner all sections of the governments revenue generation sectors by northerners, but were called tribalists. When Buhari made himself the Petroleum Minister, an act that is glaringly unconstitutional and proceeded later to chase out anyone that could question him or his brothers in that ministry like Ibe Kachikwu, some Nigerians cheered him on. Now the chickens are coming home to roost.. Like I have said in several posts, I believe that Buhari and his cousins from Zinder via Marada in Niger republic that are in governments across Nigeria, set a very serious arrangement in place to loot this country dry before the end of his tenure. Could be they are planning a new nation with Niger republic or something else, but it's crystal clear, than they have their own "Ministry of Finance".

But in 2014, Tinubu promised Nigerians will swim in crude oil and fuel

These jokers have nothing to offer.

This partly explains why the naira is losing value, shrinking forex earnings from reduced crude oil volumes. Nigeria is producing roughly 50% of crude oil volumes pre-APC era.

Tinubu is a liar and deceiver. APC is a party of failures.

Hmm

naturalflow:
It is not possible for people to be stealing oil in this large amount if the head which is buhari(minister of petroleum) is not benefitting from the theft.

Don't mind them. They think we are fools.

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How is it possible to steal this volume of crude with tens of thousands of naval personnel and boats in the niger delta.
How come this volume of crude was not stolen from 2015 to 2021 only for faceless people to start stealing it in 2022
Buharii is simply incompetent

Not bothered. That's what APC wants.

porka:
Wow!

This is a great achievement for the APC government.

Something that the PDP couldn't achieve in 16 years.

Sixteen years.

With a record oil price of over $100p/b: External reserves have been depleted; excess crude account has been emptied.

APC CHANGE!

Vowlence man you be

nedu666:
How is it possible to steal this volume of crude with tens of thousands of naval personnel and boats in the niger delta.
How come this volume of crude was not stolen from 2015 to 2021 only for faceless people to start stealing it in 2022
Buharii is simply incompetent

This is not a question of Buhari being incompetent. This is a clear case of Buhari helping his minions to loot the country down! When you make it look like it's just a case of him not doing his job, you tend to overlook the most important fact here, which is that the man is utterly corrupt. That point needs to be stated emphatically for the sake of posterity..
Buhari has been the Minister of Petroleum since he came into office! The NNPC and every other parastatal involved in running the Petroleum Ministry, reports to him DIRECTLY!!!
HE IS ALSO THE COMMANDER IN CHIEF and as such can detail the appropriate coercive instruments of the state to investigate and arrest corruption in this ministry. He has NEVER done that...

I don't know why most Nigerians find it very hard to accept the fact that Buhari is most probably the most corrupt Nigerian alive!? Because the corrupt Lagos ibadam expressway section of the Nigerian media sold this pooop as candy to you guys? Think independently now; from his days as the secretary of petroleum under Obasanjo military regime, to his days as The Petroleum Trust Fund Chairman under Abacha, has there been anytime that his tenure did not end with billions missing? Nextt, his defenders will blame the normal fall guys; his subordinates. Perfect alibis.... But like they say in igboland, "you can't always be claiming that you hate eating meat but will always be the one to volunteer to use your teeth to cut the meat for sharing "..

Rugaria:
If you actually believe that Nigeria produces this low amount of oil on daily basis, both onshore and offshore, then you can believe anything. Before Buhari, a CIA report suggested that more than half of oil produced in Nigeria on daily basis was stolen! But I think that under this regime, they are trying to steal everything and the quietness exhibited by most Nigerians seems to have given them much confidence. First they made sure that every single part of the Oil industry is controlled by northerners, including the ministry of petroleum headed by Buhari himself! Then they told you that NNPC can not remit anything into the federation account for months now and you agreed. Now they're telling you that they barely can produce up to one million barrels of oil per day and you're about to gobble that one too. You are the monumental mumu here. These guys don't want to share anything coming from oiland gas with anyone anymore...

When Buhari saturated The NNPC with his northern brothers some of us in the opposition, shouted ourselves hoarse but we were called names. When he skillfully got rid of Kemi Nelson and foisted that monumental dumb numbskull that is there now as the finance minister, we raised alarm about this attempt to corner all sections of the governments revenue generation sectors by northerners, but were called tribalists. When Buhari made himself the Petroleum Minister, an act that is glaringly unconstitutional and proceeded later to chase out anyone that could question him or his brothers in that ministry like Ibe Kachikwu, some Nigerians cheered him on. Now the chickens are coming home to roost.. Like I have said in several posts, I believe that Buhari and his cousins from Zinder via Marada in Niger republic that are in governments across Nigeria, set a very serious arrangement in place to loot this country dry before the end of his tenure. Could be they are planning a new nation with Niger republic or something else, but it's crystal clear, than they have their own "Ministry of Finance".

spot on

Oil production didn't fall. The so called shortfall comes from the oil being stolen from Nigeria. Those fooools shouldn't think people don't know.