Revenues accruable to Nigeria from the sale of crude oil crashed by about N500.6bn between January and May this year. Findings from various oil and gas, as well as statistical reports have indicated.
It was gathered on Wednesday that the crash in revenue was due to the slump in the country’s oil production. As it tumbled by 11.63 million barrels during the review period.
Data obtained from different reports of the Organization of Petroleum Exporting Countries showed that the country produced 1.399 million barrels of crude oil daily in January. Translating to 43.369 million barrels in the entire month. This, however, nose-dived to 1.024 million barrels per day in May, according to crude oil production figures based on direct communication. Indicating a total production of 31.744 million barrels in May 2022.
Chief Timipre Sylva, urged investors to support the government in boosting the country’s crude oil production so that Nigeria would gain from the current price rise. “The onboarding of new oil and gas players in the petroleum sector is part of this government’s policy. This is to encourage more indigenous participation in our petroleum operations. “Indeed, this will boost activities in the oil and gas sector, add to our production output, and create additional employment opportunities for Nigerians.”
The Managing Director, Matrix Energy Group, Adisa Aliu, also called on operators in Nigeria’s upstream oil sector. This to take advantage of the continued upswing in global crude oil prices in the past few months. As an oil-producing country, it is best for the operators to ensure they take advantage of the current rising price of crude oil. At the International market by ensuring the country meets its production quota at all times.”