Nigeria Lost $15.4 Billion Due to Oil Output Shortfalls

When compared with the production of 497.55 million barrels in Jan-Oct ’21, the production was down by almost 21.37%.

SEATTLE (Oil Monster): Nigeria produced at an average of 1.34 million barrels per day of oil in the initial ten-month period of the year. This is upon comparison with the budget benchmark of 1.88 million barrels per day. The lost production has cost the country approximately 161.58 million barrels in production. Based on the current crude oil prices, the loss is estimated to value at about $15.35 billion.

According to latest data published by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the total oil production by the country totalled 409.94 million barrels, as compared with the budget provision of 571.5 million barrels. When compared with the production of 497.55 million barrels in Jan-Oct ’21, the production was down by almost 21.37%.

The gross oil revenue collection amounted to N2,172.35 billion in H1 this year, as against N4,684.98 billion prorate budget projection. However, it was up by 14.35% from the actual half year gross oil revenue collected in 2021.

It must be noted that the country has been suffering from oil thefts and pipeline vandalism, which has badly impacted production. As a result, the country had failed to improve production despite high international crude oil prices.

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