Nigeria’s oil output has increased to between 1.6 million and 1.7 million barrels per day due to enhanced security measures aimed at preventing crude oil theft. This is according to Emmanuel Ikechukwu Ogalla, Chief of Naval Staff on Tuesday.
Ogalla noted that in February, Nigeria, a member of the Organization of Petroleum Exporting Countries (OPEC), was producing 1.2 million barrels per day.
“We have stepped up surveillance and enforcement in the oil producing areas,” the naval chief said.
“Right now, as we speak, the Nigerian Navy has 12 vessels on the sea to protect oil production and stem oil theft. We have arrested over 16 vessels, so far.”
Ogalla further stated that the navy has blocked channels used for the sale of illegally refined petroleum products.
In May, Nigeria’s oil minister Heineken Lokpobiri remarked that with sufficient investment in the energy sector, the country could potentially produce 6 million barrels of oil per day.
He also pointed out that Nigeria and other African oil-producing nations lack the necessary capital for oil and gas exploration and production.
Meanwhile, data by OPEC revealed that the highest crude production recorded by Nigeria (excluding condensates) using primary sources was 1.43 million bpd in January 2024.
OPEC’s latest Monthly Oil Market Report, based on secondary sources, placed Nigeria’s average daily crude oil production at 1.362 million barrels per day in June 2024, a decrease of 10,000 barrels compared to May’s figure of 1.372 million bpd.
SOURCE: Businessday
