The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, stated that as of July 23, the country’s average daily oil production was 1.61 million barrels per day.
Komolafe made this disclosure during a two-day public/investigative hearing on oil theft and losses conducted by the House of Representatives Special Committee.
“As of July 23, 2024, Nigeria’s average daily production stands at 1.61mbpd,” he disclosed.
This announcement comes less than two weeks after the commission reported that the average daily oil production for June was 1.25 million barrels per day.
He acknowledged that the country is grappling with significant issues related to crude oil theft and pipeline vandalism, particularly affecting terminals in the Niger Delta region, including Bonny, Brass, and Forcados.
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In September 2022, the Nigerian National Petroleum Company Limited reported losing $700 million every month to oil theft.
Additionally, the Nigerian Extractive Industries Transparency Initiative noted that Nigeria lost 619.7 million barrels of crude oil, valued at N16.3 trillion, to theft between 2005 and 2021.
In 2023, the NNPC spent N136 billion on security, repairs, and maintenance of vandalized infrastructure, according to Dataphyte.
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