Nigeria Records Highest Oil Production Since April 2022

Nigeria produced the most oil in December 2022 than she had since April 2022, according to the most recent Platts survey by S&P Global Commodity Insights.

Oil theft has affected the nation's oil output, hindered exports, caused substantial oil spills, and cost the nation millions of naira.

The study, which was made public revealed that Nigeria's volumes recovered to their highest level since April 2022, producing 1.33 million b/d in December, greatly boosting OPEC's overall oil production at that time.

The 13 members of OPEC produced 28.98 million barrels per day in December, up 110,000 barrels per day from November.

Ten non-OPEC partners, including Russia, added 13.73 million barrels per day, an increase of 30,000 barrels per day.

The alliance's aggregate output in December was 42.71 million b/d.

The survey also showed that Nigeria experienced significant increases in its loadings of important grades of Brass River and Forcados, while maintenance at the Bonga Field was finished by mid-November.

The disparity between the alliance's output and its production goals was 1.80 million b/d in December, according to the report, which also noted that most members have trouble maintaining output due to technical or financial issues.

As of late, Forcados had a crude oil production rate of 6,579,692, a condensate rate of 593,980, and a combined total of 7,173,672 barrels for December 2022 as opposed to a combined total of 6,856,88 recorded for November 2022, according to data from the Nigerian Upstream Petroleum Regulatory Commission.

Brass, on the other hand, recorded a combined total of 626,208 for December 2022 as opposed to a combined total of 431,672 for November 2022.

Brass had a crude oil production rate of 581,198, a condensate rate of 45,010, and a blended total of 626,208.

Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, stated that the nation may produce 2.2 million barrels of crude oil per day in 2023 during a symposium on January 11, 2023.

In the coming year, he predicted, "For us, we see a trajectory of restoring output, including condensates.

"We know it is feasible to achieve 2.2 mb/d by 2023, even though our budget target is only 1.8 mb/d. We believe we can reach this goal.