Due to coordinated efforts by the Nigerian National Petroleum Company Limited and security agencies to stop oil theft, Nigeria’s crude oil revenues increased by nearly N308 billion in just two months after the country’s oil output recently increased.
According to NUPRC data, Nigeria increased its daily crude oil production from 937,766 barrels in September to 1,014,485 barrels in October. The NNPC implemented procedures in collaboration with security organizations and commercial contractors to address the issue.
As oil output climbed steadily in the months of October and November 2022, these actions appear to be having an impact. Bala Wunti, the Chief Upstream Investment Officer at NNPC Upstream Management Services, recently discussed the steps taken thus far to address the issue of crude oil theft and pipeline vandalism.
He stated that steps so far taken had yielded positive results as crude oil production had now increased to 1.59 million barrels per day from the 1.1 million barrels per day which it was in August this year.