TheCable

Nigeria contributed mainly to the increase in global crude oil production in October, according to the Organisation of the Petroleum Exporting Countries (OPEC).

The global oil cartel said this in its monthly oil market report (MOMR) for November 2022. 

According to the report, Nigeria’s crude oil production based on secondary sources for October stood at 1,057 barrels per day (tb/d), an increase of 33,000 tb/d compared to September when it produced 1,025 tb/d.

It also said the country’s crude oil production based on direct communication for October was 1.014  million barrels per day, an increase of 77 mpd from 938 thousand barrels per day in September.

The report added that Angola and Saudi Arabia recorded declines for the month.

“Crude oil output increased mainly in Nigeria and Iraq, while production in Saudi Arabia and Angola declined,” the report reads.

Last week, Shell Nigeria Exploration and Production Company Limited (SNEPCo) completed the 2022 Turnaround Maintenance (TAM) of the Bonga Floating Production Storage and Offloading (FPSO) vessel.

The Bonga FPSO has a processing capacity of 225,000 barrels of oil equivalent per day and a storage capacity of 2 million barrels of crude oil.

With the development, Nigeria may increase its crude oil production for the rest of the year.