Nigeria is making progress in oil earnings following improvements in security in the Niger Delta region, as the country raked in an additional N363bn from crude oil sale in the months of October, November and December 2022.
Figures obtained from the Federal Ministry of Petroleum Resources on Sunday, showed that the country’s oil production rose by 1.014 million barrels per day in October, representing an increase of 0.077mbpd when compared to the 0.937mbpd output in September.
In November, the country pumped 1.185mbpd crude, indicating an increase of 0.171mbpd when contrasted with the daily output in the preceding month of October.
Also, in December last year, oil production kept increasing, as Nigeria produced 1.253mbpd last month, indicating an increase of 0.05mbpd when compared to its output in November.
In November, Nigeria’s oil production rose by 0.171mbpd, an equivalent of 5.13 million barrels in that month, while the average price of crude in the same month was put at $89.62/barrel. This indicates that Nigeria’s oil earnings increased by $459.75m (N208.31bn at the Central Bank of Nigeria official exchange rate of N453.1/$). In December 2022, oil output from Nigeria grew by 0.05mbpd, representing 1.55 million barrels for the review month, while the average cost of Brent was $76.42/barrel.
Therefore, the Federal Government’s revenue from crude oil export last month rose by $118.45m (N53.67bn at the official exchange rate of N453.1/$). The summation of the monthly revenue rise during the period showed that Nigeria earned an additional N363bn from oil sales within the three-month duration following the improvement in security in the Niger Delta region.
The President, Major General Muhammadu Buhari (retd.), recently ordered security agencies to eradicate crude oil theft and pipeline vandalism in the Niger Delta before May 29, 2023.
He said the order became vital in order to effectively ramp up the country’s oil output, stressing that the Federal Government could no longer tolerate the criminality.