Nigeria’s oil output drops to 70,000b/d, imports 4bln liters of petrol in Q3

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    imports over 4bltrs of petrol Q3 2018

    30 November 2018, Naija247news.com, Lagos — Nigeria’s crude oil and condensate production was down by about 70,000 barrels per day, b/d, in October, statistics from the Ministry of Petroleum Resources have shown.

    Production stood at 2.09 million barrels per day, down by that figure due to constant attacks on pipelines by oil thieves, the Ministry said in a recent statement on its website.

    In September, the country’s crude oil and condensate production was 2.158 million barrels per day, mb/d, while output was 1.968 mb/d in July, up from 1.896mb/d in June and 1.826mb/d in May.

    Nigeria produced 2.069mb/d in April, 2.022mb/d in March, 2.105mb/d in February, and 2.070mb/d in January, the ministry said.

    The government targets an average 2.3mb/d oil production and $51 per barrel oil price in this year’s budget.

    Obviously supporting the ministry’s reference to attacks on pipelines by oil thieves as being responsible for the October drop in output, the Nigerian National Petroleum Corporation, NNPC, reported a rising incidence of pipeline breaks since July.

    The NNPC’s latest monthly financial and operations report for July 2018 had disclosed that during the period under review, the nation witnessed 204 pipeline breaks, of which 16 pipeline points either failed to be welded or rupture-clamped.

    It indicated that 188 pipeline points were vandalised as against 165 recorded in the previous month, with Ibadan-Mosimi pipeline accounting for 124 points or 66 percent of the vandalised pipeline, while Aba-Enugu, Port Harcourt-Aba and other locations accounted for the rest.

    A total of 1,858 vandalised points were recorded between July 2017 and July 2018, the report indicated.

    The NNPC had warned earlier this month that sabotage attacks on oil pipelines were on the rise, while analysts have also warned that violence may return in Nigeria’s oil industry ahead of the general elections in February.

    However, amidst the grim, with the production start-up of the Total-operated Egina oil field in December, Minister for State Petroleum Resources, Dr. Emmanuel Ibe Kachikwu said in an interview with S&P Global Platts last week that Nigeria’s crude and condensate production is expected to rise to 2.2mb/d by early next year.

    Imports over 4bltrs of petrol Q3 2018

    Lagos — The petroleum products importation statistics for third quarter, Q3, 2018 reflected that Nigeria imported a little over 4 billion litres of premium motor spirits, PMS, popularly known as petrol, within the quarter.

    According to the newly-released data by the National Bureau of Statistics, NBS, a total of 4.37 litres of petrol was imported, likewise 873.72 million litres of automotive gas oil, AGO, or diesel, 312.71 million litres of household kerosene, HHK, 212.80 million litres of aviation turbine kerosene, ATK, and 162.37 million litres of Liquefied Petroleum Gas, LPG, were imported into the country in Q3 2018.

    The months of September 2018 recorded the highest of petrol imports at 1.59 billion litres, while the highest volume of diesel and household kerosene were imported in July and August 2018 respectively.

    State-wide distribution of truck-out volume for Q3 2018 showed that 4.52 billion litres of petrol, 1.02 billion litres of diesel, 168.42 million litres of household kerosene, 189.21 million litres of aviation turbine kerosene, and 125.43 million litres of LPG were distributed nationwide during the period under review, according to NBS statistics.

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    Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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