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Nigeria’s Crude Oil Production Rate Reduces by 10.25%

According to the latest data released by the Nigerian National Petroleum Corporation,  Nigeria’s total crude oil and condensate production from January to October 2020 fell by 10.25 percent in comparison to the same period in 2019.

From the monthly financial and operational report of NNPC, for November of 2020, the total oil and condensate production for January to October 2020 was 553.59 million barrels, while the figure for January to October, 2019 was 616.87 million barrels.

The report stated that production in September 2020 was 47.82 million barrels, while 62.10 million barrels were produced in September, 2019 (23% decline).

For August 2020, the production was 51.15 million barrels, a drop of 20.87 percent when compared to 64.64 million barrels produced in August 2019.

For July (2020-51.26 million barrels, 2019- 65.36 million, showing 21.57 percent decline)

For June (2020- 50.26 million barrels compared to 62.72 million produced in June 2019, 19.29 percent decline).

May 2020 showed that oil and condensate production was 54.24 million barrels, a decline of 9.63 percent compared to 60.02 million barrels produced in May of 2019.

There was however a rise of 3.37 percent in April of 2020 with a total of 61.09 million barrels of crude and condensate, compared to 59.10 million for April 2019.

The figure for March 2020 crude oil and condensate production also showed an incline of 0.7 percent (63.19 million, as against 62.75 million barrels in March 2019).

For February 2020, there was a 7.87 percent increase to 60.02 million barrels compared to 55.64 million barrels in the previous year.

There was also a 5.05 percent increase in January 2020, with a production of 64.26 million barrels compared to 61.17 million barrels produced in January 2019.

The NNPC November MFOR explained that of the 49.94 million barrels of crude oil and condensate produced, there was a contribution of about 30.73% and 38.77% respectively by Joint Ventures (JVs) and Production Sharing Contracts (PSC). The Alternative Funding (AF), Nigeria Petroleum Development Company (NPDC) and Independents accounted for 11.42 percent, 9.93 per cent, and 9.15 per cent respectively.

The report stated that NPDC October 2019 to October 2020 cumulative production from all fields was 74,394,523 barrels of crude oil translating to an average production of 187,392 barrels daily.


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