Nigeria’s crude oil production at 2.48 million barrels per day (bpd)

Nigeria’s crude oil production at 2.48 million barrels per day (bpd)

Nigeria’s crude oil production has risen significantly to peak at 2.48 million barrels per day (bpd), according to the Group Managing Director (GMD) of NNPC, Mr. Austen Oniwon
Mr. Oniwon, who disclosed this to the press at the just-concluded 5th Organisation of the Petroleum Exporting Countries (OPEC) International Seminar in Vienna, Austria said about 700,000bpd came from deep offshore productions, while the balance was from traditional onshore fields, with more volumes expected over the next couple of months, particularly from the abandoned locations.
He noted that the current production surpassed the 1.4 and 1.5 million bpd the country tried to maintain at the height of militancy.
Mr. Oniwon insisted that there was no fear of Nigeria, not meeting its membership quota allocation from the OPEC, as more than ever, the country was in a good position to meet its quota.
He said: “As at today, at 2.48million bpd, which is far, far away from the period when we were doing 1.4 to 1.5million during the period of militancy, there is no question about not meeting our quota. So I think we are doing well and definitely, we are meeting our quota.”
He argued that fears expressed over the country’s ability to meet its OPEC quota on account of current security challenges were over exaggerated.
“I think we should not over hype the insecurity issue in Nigeria, the production has gone up and a lot of production is coming from the deep offshore.
“As of today, we are doing over 700,000 bpd from offshore locations, while we are trying to bring back all the land locations that were abandoned and destroyed during the militancy period,” he said.
Mr. Oniwon noted that government’s resolve to maximise its hydrocarbon resources was the reason it was trying to tweak existing oil laws through the Petroleum Industry Bill (PIB) to maximise relationships with the International Oil Companies (IOCs).
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