According to the most recent data from the Federal Government, Nigeria's oil output increased every month after starting to do so in September of last year. In February 2023, it reached a high of 1,306,304 barrels per day, increasing the country's oil revenues by N51.16 billion.
When condensates were excluded from the government's oil production data, it was found that the country's oil production increased from 1,258,150 barrels per day in January 2023 to 1,306,304 barrels per day in February.
This indicated an increase in crude oil production of 48,154 barrels per day, or 1,348,312 barrels, over the course of the month of February's 28 days.
According to data gathered from Statistica, a global statistical company, the average price of Brent, the global benchmark for crude oil, in February 2023 was $82.3/barrel.
This suggests that oil revenues increased by an additional $110.966 million (N51.16 billion at the official exchange rate of N461/$) during the reviewed month. As a result, Nigeria earned N51.16 billion more from oil in February 2023.
The country's output of blended and unblended condensates increased last month, according to the oil production data that our correspondent on Friday acquired from the Nigerian Upstream Petroleum Regulatory Commission in Abuja.
In February of this year, blended condensate production grew from 48,978 barrels per day in January to 51,664 barrels per day, according to the report.
NUPRC data showed that unblended condensate production increased slightly to 189,751 barrels per day in February from 187,180 barrels the month before.
A mixture of light liquid hydrocarbons that resembles very light crude oil makes up condensate. At the moment of production, when the temperature and pressure of the gas are reduced to atmospheric levels, it is normally separated off of a natural gas stream.
Since last year, the Federal Government has increased its efforts to support Nigeria's crude oil output and lower theft by thieves and vandals.
"It's true that the threat of crude oil theft is a significant source of value erosion in the sector. According to our records, oil theft has been a major problem for the oil and gas industry for about 20 years, which has resulted in significant economic losses for our country, said Gbenga Komolafe, chief executive of the NUPRC.
He claimed that the commission had been successful in halting the depreciation of hydrocarbon values through cooperation with the various security agencies, the Nigerian National Petroleum Corporation Limited, and the host communities.
Now that production numbers are steadily rising, our nation has continued to see positive returns from these cooperative efforts. Around 1.5 million barrels per day of oil and condensate will be produced in January 2023.
"It is anticipated that this number will continue to rise as additional procedures are taken and sustained to eradicate all illicit connections that promote crude oil theft," the NUPRC boss said recently during a presentation to the industry.
On June 23, 2022, the commission established a committee to conduct an industry-wide study on the reactivation of shut-in strings as part of its focus on shut-in wells that could be resurrected, according to Komolafe.
The committee's report, which includes recommendations broken down into short-term, medium-term, and long-term projects that will increase the country's oil and gas production levels, has been filed.
According to the report's findings, quick win interventions have the ability to contribute over 900,000 barrels of oil per day, while medium and long-term efforts have the potential to add 1.2 million barrels of oil per day if properly and fully implemented.
In order to operationalize the project, Komolafe said, "We have started contact with the necessary operators and the total number of strings that need to be revived is also known.
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