Fight Against Crude Oil Theft Boosted Output, Says NNPC

SEATTLE (Oil Monster): The Nigerian National Petroleum Company (NNPC) announced that its ongoing fight against crude oil thefts and vandalism has started to yield results. The crude oil production in the country recorded significant surge during the first week of December, it noted.

According to Bala Wunti, the Chief Upstream Investment Officer of the NNPC Upstream Investment Management Services, the crude oil production totalled 1.59 million barrels per day in first week of December. This is significantly higher from the production of 1.47 million barrels per day in end-November 2022 and 1.1 million barrels per day in August this year.

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Meantime, crude oil exports during Q3 this year recorded notable decline by 21.15% to N4.65 trillion, as compared with N5.90 trillion in the prior quarter. However, the exports were up by 15.7%, when compared with N4.02 trillion recorded in the third quarter of 2021, said the latest report published by the National Bureau of Statistics.

The engagement of a private security, Tantita Securities Service by the NNPC in August this year has helped to thwart rising crude oil thefts. The increased production is mainly attributed to the improved security situation, NNPC noted.