Browsing: Department of Petroleum Resources

The latest data from Organization of Petroleum Exporting Countries has showed that Crude oil production in Nigeria has fallen by 6.32 percent to 1.344 million barrels per day in May, 2021 as compared to 1.429 million barrels per day recorded in April 2021.

This report also shows that Nigeria’s average daily oil production in the first quarter of 2021 was 1.404mbpd compared to average daily oil production of 1.301mbpd recorded in the fourth quarter of 2020.

The production volumes are exclusive of condensate oil which is not part of OPEC reporting requirement.

According to a new report by the Nigerian Extractive Industries Transparency Initiative, NEITI, the total oil production in 2019 was 735.244mmbbls,which represented an increase of 4.87 percent over the 701.101mmbbls recorded in 2018.

The report showed that Production sharing contracts, PSCs, contributed the highest volumes of 312.042mmbbls followed by Joint Venture (JV) and Sole Risk, SR, which recorded …