Crude-Oil Production Output Declines to 1.26Million Barrel Per Day

 

According to the Nigerian Upstream Petroleum Regulatory Commission, Nigeria's crude oil output declined to 1.26 million barrels per day in seven month.

The records shown in the second month of this year is that the country's oil production decreased by 2.9 percent from 1.3 million.

Speaking on the records shows, it increased by 2.5 percent on yearly basis. 

According to the Nigerian upstream petroleum Regulatory Commission report, the largest oil producer declined last year in August.

According to the oil and gas analyst, the suggestion was made concerning the oil reduction.

“The reason for the reduction in oil production may not be very clear. However, I suspect the possibility of some shutdowns around the Eastern production flank (Port-Harcourt axis), as a major pipeline linking Rumuekpe flow station got blown up as a result of activities of illegal bunkering some weeks back,”  

“This axis is a major contributor to our production, hence can contribute. Also, some other lines may be going through maintenance. This is not so good for us in terms of maximizing the rising oil price.”

Okereke, made it known that there will be a serious need for security agencies and other relevant agencies to be on the alert to avoid such lapses. We cannot afford to miss the window to re-surge our economy.

“A drop by 2.9 percent should not significantly impact our returns if we as a country are pragmatic and prudent with financial management,” said Stanley Akhile, operations team Lead at Midwestern Oil and Gas Company Limited.

“The drop may be attributed to so many internal and external issues. However, the major loading lines (Forcados, Escravos, Bonny, and Brass) are all available now, so there is no fear of a significant drop.” Okereke said.