Nigeria’s Oil Revenue Increases by $782.915 Million in Two Months

A series of structural adjustments made by the Nigerian National Petroleum Corporation (NNPC) Limited at plugging crude oil leakages, vandalism and other forms of theft have started yielding results as Nigeria’s oil revenue jumped a whopping $782.915 million in the last two months.

Data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and other international agencies have shown.

According to the data, Nigeria’s crude oil production has been on the rise since October 2022 after NNPC and the Federal Government engaged the service of Tompolo, a Niger Delta militant previously declared wanted.

Investors King understands that the country’s oil production plunged below 1 million barrels per day at the peak of the theft this year, forcing the legislative arm of the government to call for a state of emergency and declared war against oil criminals bent on plundering the nation’s revenue.

Nigeria pumped 937,766 barrels of crude oil per day in September, however, the country’s output rose to 1,014,485 barrels per day in October after key leakages were plugged. Indicating that crude oil production increased by 76,719 barrels per day in the month and 2,378,289 barrels in 31 days.

In November, crude oil production grew even further to 1,185,604 barrels per day, representing a daily increase of 247,838 barrels and a total of 7,435,140 barrels increase in the month when compared to September’s daily production.

Therefore, Nigeria has been able to up crude oil production by 9,813,429 barrels (2,378,289 plus 7,435,140) in the last two months. This translates to $782.915 million in revenue using today’s crude oil price of $79.78 a barrel.

Meanwhile, Nigeria’s Minister for Finance, Budget, and National Planning, Zainab Ahmed has stated that the country’s oil production is expected to hit 1.6 million in the first quarter of 2023. 

She said Oil production is “expected to increase to 1.6 million BPD by the first quarter of 2023, as efforts intensify to improve oil production infrastructure and reduce oil theft, we currently project an average crude oil production of 1.9 BPD by 2024, we expect to complete the rehabilitation of Port Harcourt refinery before the end of 2023″. 

The finance minister also disclosed that Nigeria has signed an MoU with Daewoo for a $1.5 billion rehabilitation of the Kaduna and Warri refinery.