https://thestreetjournal.org/nigerias-oil-production-decreases-to-998602-barrels-per-day/


The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said that oil output dropped to an average of 998,602 barrels per day (bpd) in April 2023.

The production figure indicates a decrease by 21.26 percent compared to March, when output was 1,268,202 bpd.

The data was contained in the latest crude oil and condensate production report of the NUPRC.

The volume of production is at its lowest point in the last seven months.

The chief executive officer (CEO) of the NUPRC, Gbenga Komolafe, while speaking about the current oil output, on Wednesday, May 10, said that oil production is currently about one million bpd below “its technically allowable capacity.”

Komolafe attributed the low oil production to a number of issues, including the energy transition’s impact on hydrocarbon funding, a lack of investments, and insecurity.

“While the commission is prioritizing efforts towards increasing oil and gas production and ensuring maximum federation revenue through the optimisation of oil and gas value chain, the efforts have been constrained by a myriad of challenges,” he said.

“These challenges range from insecurity, low investment, and de-prioritisation of funding of hydrocarbon development arising from the energy transition.

“Currently, Nigeria has the technical allowable capacity to produce about 2.5 million barrels of oil per day.

“However, arising from the highlighted challenges, our current production hovers around 1.5 million barrels of oil and condensate per day,” he added.

Something is very wrong with this country. Instead of solving the problem, they are more concerned on how the limited available revenue could be looted.
There have been persistent decrease in oil production month-on-month, year-on-year for more than a year now. Yet, they are not interested addressing the problem.
Let this country sold to those who can properly manage it.