The expected rebound in Nigeria’s oil production has started coming to pass as production rose above one million barrels per day (bpd) for the first time since July this year, with daily output for October standing at an average of 1,014,485bpd.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) disclosed this in its October Crude Oil Production Report.
The last time Nigeria’s crude oil production output averaged more than one million bpd was in July, when production recorded at the time stood 1,083,899bpd.
According to the report, daily production for October was 1,014,485 compared to 972,000bpd in August, and 937,000 in September.
The NUPRC had earlier stated that the production output from 13 out of Nigeria’s 29 crude oil terminals declined drastically between July and September 2022, which contributed to the falling numbers.
The declining production output was due to the massive oil theft in the Niger Delta, resulting to many of the oil companies shutting down production.
The NUPRC data explained that the worst-hit crude terminals were Bonny, Brass and Forcados, which saw production output decline by 79 per cent, 40.5 per cent, and 96.5 per cent during the period under review.
Of the three terminals, Forcados terminal recorded the highest loss from over three million barrels in July to a little over 100, 000 barrels in September.
Similarly, crude oil output from Bonny was 799,294 in July before declining to 749,463 in August and then 167,582 in September.
For the Brass terminal, the output was 290,227 in July, 270,932 in August and 172,814 in September. In the same vein, the production output from Forcados was 3,858,188 in July, 208,430 in August and 134,437 in September.