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Nairaland Forum / Nairaland / General / Politics / Nigeria's Oil Output Closes In On 1.5 Million Bpd (212 Views)
Nigeria Nears OPEC’s Renegotiated 1.5 Million BPD Quota / NNPCL Confirms Rise Of Oil Production To 1.6 Million BPD / Nigeria’s Oil Output Drops To 972,394 Bpd (2) (3) (4)
Nigeria's Oil Output Closes In On 1.5 Million Bpd by Celestialsword: 5:01am On Mar 15 |
Nigerian oil production, beleaguered by rampant theft and sabotage, hit its highest in more than three years amid a concerted effort to crack down on targeted attacks and organized theft rings. According to OPEC data, the country's production hit 1.476 million barrels per day (bpd) in February, after hitting a decades-low in the second half of 2022, when it dropped below 1 million bpd. Since then, the government has pursued a more efficient and aggressive policy for cracking down on theft and pipeline sabotage, hiring private security firms to bolster military efforts to guard facilities. As of this week, Nigeria is pumping more than it has since December 2020. Nigeria has consistently failed to produce to its quota in the OPEC+ agreement. The combination of pipeline vandalism and oil theft with a lack of investment in capacity has made Nigeria the biggest laggard in crude oil production in the OPEC+ alliance. Oil theft and pipeline vandalism have long plagued Nigeria's upstream oil and gas industry, driving majors out of the country and often resulting in force majeure at the key crude oil export terminals. Nigeria's oil production is around 1 million bpd below its capacity. The government has cited a lack of investments, a shortage of funding sources because of the energy transition, and insecurity among the factors driving the situation. Unhindered by theft and sabotage, Nigeria has the technical allowable capacity to produce about 2.5 million barrels of oil per day," according to Nigerian oil executives. Nigeria's state-run NNPC energy company said earlier this week that it had destroyed more than 6,000 illegal refineries processing stolen crude, Reuters reported. State energy company NNPC Limited had so far destroyed over 6,000 illegal refineries used to process stolen crude. |
Re: Nigeria's Oil Output Closes In On 1.5 Million Bpd by malali: 5:14am On Mar 15 |
PUMP OPEC+ QUOTA 1.5 MILLION BPD THEN PUMP EXTRA AND SELL THE SURPLUS TO DANGOTE REFINERY, SELL TO DANGOTE AT INTERNATIONAL RATES, AND USE THE PROCEEDS TO SUBSIDIZE PETROL FOR NIGERIANS. OR SELL TO DANGOTE AT HALF THE INTERNATIONAL PRICES WITH A WRITTEN SIGNED AGREEMENT, HE WILL SELL PETROL TO NIGERIANS AT HALF PRICE AS WELL. DO THESE TILL YOU GET PORT HARCOURT AND OTHER REFINERIES RUNNING. THIS WILL ALLEVIATE THE ONGOING SUFFERING IN THE COUNTRY. |
Re: Nigeria's Oil Output Closes In On 1.5 Million Bpd by Celestialsword: 7:11am On Mar 15 |
malali:There's a ready international market for nigeria crude,so with or without Dangote refinery,the government can pay full fuel subsidy. Even at the 1.5 mbd nigeria is producing far below expectation |
Re: Nigeria's Oil Output Closes In On 1.5 Million Bpd by malali: 7:12am On Mar 15 |
Celestialsword: There is currently a 1.5 Million BPD alloted to us by OPEC+ to curb surplus and boost prices. If we export maximum allotted, we can make more money by selling to Dangote, or striking a crude for petrol deal. 1 Like |
Re: Nigeria's Oil Output Closes In On 1.5 Million Bpd by seunmsg(m): 7:19am On Mar 15 |
Still not enough. We should be looking at 2.5million. 6 Likes |
Re: Nigeria's Oil Output Closes In On 1.5 Million Bpd by Celestialsword: 8:15am On Mar 15 |
malali:what about the crude for Petro deal with Dangote refinery,is Nigeria not his first and primary market before export. The production hitting 1.5 MPD shows that the fight against oil theft is yeilding good results. |
Re: Nigeria's Oil Output Closes In On 1.5 Million Bpd by Celestialsword: 8:16am On Mar 15 |
seunmsg:with the serious fight against oil theft, if it is sustained, with time,it's going to rise. |
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