By Teddy Nwanunobi
Nigeria’s oil production from January to October 2020, according to the latest data from the Nigerian National Petroleum Corporation (NNPC), fell by 10.25 per cent, when compared to similar period in 2019.
The total crude oil and condensate production from January to October 2020, according to the data, which was contained in the Corporation’s monthly financial and operational report for November 2020, was 553.59 million barrels.
The report, which revealed that the figure from January to October 2019 was 616.87 million barrels, also hinted that production in September 2020 was 47.82 million barrels – a 23 per cent decline from the 62.10 million barrels produced in September, 2019.
It also showed that oil and condensate production for August 2020 was 51.15 million barrels – a drop of 20.87 per cent when compared to 64.64 million barrels produced in August 2019.
For July 2020, production fell by 21.57 per cent to 51.26 million barrels, compared to 65.36 million barrels recorded in July 2019.
Also crude oil and condensate production fell by 19.29 per cent in June 2020 to 50.26 million barrels compared to 62.72 million produced in June 2019.
Data for May 2020 showed that crude oil and condensate production was 54.24 million barrels, a fall of 9.63 per cent compared to 60.02 million barrels produced in May 2019.
The report also showed that a total of 61.09 million barrels of crude and condensate was produced in April 2020, a rise 3.37 per cent compared to 59.10 million for April 2019.
The figure for March 2020 crude oil and condensate production was 63.19 million, a marginal rise of 0.7 per cent compared to 62.75 million barrels in March 2019.
The report further indicated that production in February 2020 rose by 7.87 per cent to 60.02 million barrels compared to 55.64 million barrels.
Also, the data for January 2020, showed that oil and condensate production rose by 5.05 per cent to 64.26 million barrels compared to 61.17 million barrels produced in January 2019.
NNPC in the November MFOR explained that of the 49.94 million barrels of crude oil and condensate produced Joint Ventures (JVs) and Production Sharing Contracts (PSC) contributed about 30.73 per cent and 38.77 per cent, respectively.
While Alternative Funding, AF, Nigeria Petroleum Development Company (NPDC) and Independents accounted for 11.42 per cent, 9.93 per cent, and 9.15 per cent, respectively.
It stated that NPDC October 2019 to October 2020 cumulative production from all fields was 74,394,523 barrels of crude oil, translating to an average daily production of 187,392 barrels per day.