According to the government's oil production report, excluding condensate, 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 meant that the country extracted an additional 48,154 barrels of oil per day, for a total of 1,348,312 barrels of oil during the 28 days of February.
Since last year, the federal government has increased efforts to increase Nigeria's crude oil production and reduce theft by vandals and thieves.
Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, highlighted how oil theft has been detrimental to the country's oil bottom line, as he stated, "admittedly, a large area of value erosion in the industry is the threat of crude oil theft”.
“Our records indicate that the threat of oil theft has negatively impacted the oil and gas sector for nearly two decades, with huge financial losses for our nation,” he added.
The report's findings revealed that more than 900,000 barrels of oil per day could be obtained from quick-win interventions, while medium and long-term initiatives could potentially add 1.2 million barrels of oil per day if implemented in a timely manner. adequate and complete.
