BY Bunmi Aduloju
Nigeria’s oil production increased to an average of 1.16 million barrels per day (bpd) in June from 1.02 million recorded in May 2022.
The figure rose more than 133,000 bpd, representing a 0.13 percent increase from May 2022 output.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said this in its latest crude oil and condensate production data for June 2022.
With the addition of condensate, oil output grew to a total of 1.40 million bpd from 1.28 million posted last month.
It is also the first month-on-month increase in the year, according to checks by TheCable.
Condensate is a mixture of light liquid hydrocarbons, similar to a light (high API) crude oil — usually separated out of a natural gas stream at the point of production (field separation) when the temperature and pressure of the gas are dropped to atmospheric conditions.
In January, February, March and April, the country’s oil production averaged 1.39 million bpd, 1.25 million bpd, 1.24 million bpd and 1.22 million bpd, respectively.
Since April 2020, the country’s output figures stood between 1.02 million bpd and 1.40 million — below the production quota set by the Organisation of Petroleum Exporting Countries (OPEC).
Lack of investment, divestments, operational difficulties and oil theft have been identified as issues bedevilling Nigeria’s oil sector.
The country is currently experiencing petrol scarcity due to low production capacity and high oil prices, among others.
Oil marketers had said the current N165 a litre pump price of premium motor spirit (PMS) is no longer sustainable, insisting the country’s subsidy regime should be gradually phased out.
On Tuesday, Lai Mohammed, minister of information and culture, said current global realities would not allow the country to remove costly petrol subsidies at this time.