In December 2022, Nigeria recorded her highest oil production since April 2022, the latest Platts survey by S&P Global Commodity Insights has revealed.
However, the report added that despite the overall increase, the alliance’s output still massively lags in its production targets, with the gap at 1.80 million b/d in December, adding that most members face technical or financial difficulties in sustaining output.
Brass, on the other hand, had a crude oil production rate of 581,198, a condensate rate of 45,010 and a blended total of 626,208 for December 2022, as opposed to a blended total of 431,672 recorded for November 2022. During a forum on January 11, 2023, however, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, said that the country could achieve a 2.2 million barrels per day crude oil production output in 2023.
He said, “For us, we see a trajectory of restoring production including condensates within the year. We believe we can hit a target of 2.2 mb/d but our budget target is 1.8 mb/d, but we know that it is practical to do 2.2 mb/d within 2023.”All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
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