Nigeria raises oil production, closing in on OPEC quota
By Jeph Ajobaju, Chief Copy Editor
Oil production notched 1.18 million barrels per day (mbpd) in November, up 17 per cent month-on-month (MoM) from 1.014 mbpd in October, raising hopes of Nigeria cashing in on rising oil prices on the international market.
The new level is only 62,000 bpd short of 1.8 mbpd quota allotted to Nigeria by the
the Organisation of Petroleum Exporting Countries (OPEC).
The December 2022 Monthly Oil Market Report (MOMR) of OPEC shows the second consecutive MoM rise in Nigeria’s output after years of oil theft in the Niger Delta drying up oil dollars.
The increase follows the resolve by Abuja and oil companies to confront myriad issues undermining official production figures which included theft, illegal refining, and pipeline vandalism.
OPEC reported 1.014 mbpd output for Nigeria in October, a significant rise from the September figure of 938,000.
With the positive turn, Nigeria appears set to meet its 1.8 mbpd quota given OPEC.
Oil output figures show a 4.67 percent decline to an average 1.135 mbpd in the first 11 months of the year to November (11M 2022 ) from 1.191 mbpd in 11M 2021.
An additional 225,000 bpd was yielded after Shell Nigeria Exploration and Production Company (SNEPCo) completed the Turnaround Maintenance (TAM) of Bonga floating production storage and offloading (FPSO).
“SNEPCo is pleased to announce that the 2022 TAM of the Bonga floating production storage and offloading vessel (FPSO) has been completed,” the company explained in a statement.
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Project planning and execution
“The 225kbopd capacity FPSO was shut down on October 18, 2022 to carry out statutory inspections, recertifications and other critical asset integrity restoration activities,” SNEPCo added, per Vanguard.
“The 2022 TAM which was originally planned for 30 days was completed in 22 days on November 9, 2022, thanks to the excellent front-end planning and flawless execution.
“Commissioning and start-up activities are in progress and will culminate in ramp up of oil and gas production in the coming days.”
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