Nigeria’s oil output rises 17% to 1.2 mb/d - OPEC

Nigeria’s oil production increased month-on-month, MoM, to 1.186 million barrels per day, bpd, in November 2022, up about 17 percent from 1.014 mb/d in October 2022, according to the December 2022 Monthly Oil Market Report, MOMR, of the Organisation of Petroleum Exporting Countries, OPEC.

This is the second consecutive MoM rise in output following the resolve by the Federal Government and the oil companies to confront the myriad of issues that had undermined official output figures which included theft, illegal refining and vandalism.

In October 2022, the OPEC reported 1.014 mb/d output for Nigeria, a significant rise from the September figure of 938,000.

With the positive turn in the sector, Nigeria appears set to meet its 1.8 mb/d quota given by the OPEC.

On Year-on-Year, YoY, the nation’s oil output shows huge 4.67 percent decline to an average of 1.135 mb/d in the first 11 months (January – November) of 2022, from 1.191 mb/d recorded in the corresponding period of 2021.

Vanguard findings show that the ability of Shell Nigeria Exploration and Production Company Limited, SNEPCo to complete the Turnaround Maintenance, TAM, of the Bonga floating production storage and offloading, FPSO, yielded additional 225,000 bpd.

In a statement, obtained by Vanguard, the company stated, “SNEPCo is pleased to announce that the 2022 TAM of the Bonga floating production storage and offloading vessel (FPSO) has been completed.

“The 225kbopd capacity FPSO was shut down on October 18, 2022, to carry out statutory inspections, recertifications and other critical asset integrity restoration activities.

“The 2022 TAM which was originally planned for 30 days was completed in 22 days on November 9, 2022, thanks to the excellent front-end planning and flawless execution.

“Commissioning and start-up activities are in progress and will culminate in ramp up of oil and gas production in the coming days.”