Nigeria Pumps 574 MMbbls In 9 Months

Nigeria Pumps 574 MMbbls In 9 Months

Nigeria pumped a total of 574.3 million barrels of crude oil and condensate in the first nine months of the year with indigenous players in the industry accounting for 32.825 million barrels, the lowest output among industry production groups.

The Nigerian National Petroleum Corporation’s (NNPC) Monthly Financial and Operations Report for October 2015 showed that independent and marginal oil fields’ operators as at the end of the third quarter, Q3, accounted for about 5.72 per cent of total crude oil and condensates production.

The financial statement also revealed that the independents/marginal fields operators produced 32.825 million barrels of crude oil and condensates in the nine-month period, compared to total production of 574.325 million barrels between January and September 2015.

Using an average oil price of $53.78 per barrel, as stipulated in the NNPC report, the 32.825 million barrels of crude oil and condensates produced by the independents/marginal fields operators translates to $1.765 billion, an equivalent of N353.07 billion.

In general, the report put total crude production in Nigeria in the nine-month period at 574.325 million barrels, an average of 2.1 million barrels per day, at an estimated value of $30.887 billion or N6.177 trillion.

In addition to the independents and marginal fields operators’ contribution, the production sharing companies, PSC, recorded the highest crude oil and condensates production during the review period, accounting for 239.623 million barrels or 41.72 per cent of total production.

 

The Joint Venture (JV) companies followed, accounting for 31.7 per cent of total crude oil production with 182.29 barrels of crude oil and condensates.

Alternative Finance followed this with 16.3 per cent or 93.569 million barrels, while the Nigerian Petroleum Development Company (NPDC) produced 26.017 million barrels representing 4.53 per cent of total production. On NPDC’s performance, the NNPC report said: “NPDC production is expected to hit production levels  of 250,000 barrel per day, after the completion of the ongoing NPDC re-kitting project.

Production from NPDC wholly operated assets amounted to 7.855 million barrels or 30 per cent of total production; with Okono Okpoho (OML 119) alone producing more than 79 per cent of the NPDC operated Assets or 24.08 per cent of the total NPDC production”.

Also on the NPDC operated JV assets, in which the company owns 55 per cent controlling interest, crude oil production amounted to 10.803 million barrels or 42 per cent of the NPDC total production while the JV assets not operated by NPDC, production level stood at 7.359 million barrels or 28 per cent of the company’s production.”