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NEITI Confirms Nigeria's Crude Output Increased Marginally in 2023
Offshore Africa
|October 2024
Nigeria’s oil production in 2023 saw a marginal increase over 2022 volume, even though the decline witnessed in the industry in the past decade persists.
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“Total fiscalised crude oil production was 537,571 million barrels in 2023, compared with 490,945 million barrels in 2022. The fiscalised crude oil production increased by 46,626 million barrels (9.5%) rise from 2022 to 2023 due to decrease in production deferment in 2023,” the Nigeria Extractive Industries Transparency Initiative (NEITI) report stated.
The country’s production capacity in 2023 was around 67.16% efficiency going by 2013 production volume of 800,488 million barrels.
Crude losses were 7.68 million barrels compared to 36.69 million barrels in 2022. It dropped by 29.02 million barrels, representing 79%.
NEITI lauded government initiative towards eliminating crude losses for greater efficiency in the sector. It however underscored the need to ramp up production saying, “This further reinforces the positive impacts of government initiative towards eliminating crude losses for greater efficiency of the sector.
Cette histoire est tirée de l'édition October 2024 de Offshore Africa.
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