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The Group of Petroleum Exporting Nations (OPEC) has reported Nigeria’s crude oil output, excluding condensates, as 1.434 million barrels per day (bpd) for October 2024, decrease than the Nigerian Federal Authorities’s determine of 1.8 million bpd for a similar interval.
In its Month-to-month Oil Market Report (MOMR) launched in November, OPEC clarified that its figures had been primarily based on secondary information sources.
The discrepancy between OPEC’s report and Nigeria’s official figures consists of an estimate of 250,000 bpd for condensates, a lighter sort of oil usually added to crude output totals.
When condensates are eliminated, the Nigerian authorities’s personal estimate for October crude oil manufacturing would stand at round 1.55 million bpd, nonetheless exceeding OPEC’s determine by 226,000 bpd.
OPEC’s information additionally confirmed a slight improve in Nigeria’s manufacturing from September, the place the nation produced 1.324 million bpd, to 1.333 million bpd in October 2024.
OPEC reported that Nigeria stays the highest oil producer in Africa, with an output of 1.434 million barrels per day (bpd), whereas Sudan recorded the bottom manufacturing at 28,000 bpd.
Elevated oil manufacturing from Nigeria, Libya, and Congo contributed to OPEC’s total increased output throughout the interval.
In the meantime, talking on the not too long ago concluded Nigerian Affiliation of Petroleum Explorationists (NAPE) convention, the Government Secretary of the Nigerian Content material Growth and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe, highlighted “pipeline vandalism and crude oil theft on an alarming scale” as main threats to Nigeria’s vitality safety, Vanguard reviews.
In his presentation, titled “Resolving the Nigerian Vitality Trilemma: Vitality Safety, Sustained Progress, and Affordability,” Ogbe emphasised the necessity for large-scale oil and gasoline tasks, in addition to a safety technique primarily based on collaboration with host communities.
To realize these targets, Ogbe famous that the NCDMB is working with trade stakeholders to dedicate one week every year for signing Last Funding Selections (FIDs) on new tasks, fostering urgency amongst buyers and regulators to fulfill deadlines.
He expressed confidence that these FIDs would “catalyze new tasks in Nigeria’s oil and gasoline sector.”
Nevertheless, he confused that shut cooperation between stakeholders and the NCDMB would assist implement the Presidential Directives issued in March 2024, accelerating the contracting cycle and inspiring sector funding.
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