Nigeria’s Oil Revenue Gains As Output Hits 1.34mbpd


Jan 18,2024.

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Nigeria, the largest producer of crude oil in Africa, recorded an increment in its crude oil output in December 2023, indicating improved earnings from the resource.

The country produced 1.34 million barrels of oil per day in the month. This is according to primary sources of the Organisation of Petroleum Exporting Countries (OPEC) in its latest Monthly Oil Market Reports (MOMRs).

Nigeria’s oil production increased month on month by 6.8 percent from 1.25 million bpd in November 2023. Further analysis revealed that the improvement stood at 6.1 percent from 1.26 million bpd in January 2023.

The average price of Brent crude, the international oil benchmark which Nigeria is gauged, stood at $77.63 per barrel in December, according to Statista.

Earlier, Heineken Lokpobiri, the minister of state for petroleum resources (oil), said that the increase in crude oil and condensate production was due to the government and sector operators identifying the source of the problem.

“We have a sole agenda and it is to increase crude oil production. Once you increase production there will be more revenue for Nigeria and that is the recipe for virtually all the problems we have in this country.

You know that Nigeria is very dependent on oil, even our budget is always predicated on how many barrels of oil we produce. Although the non-oil sector is thriving, for us to solve our problems we need to earn enough Forex,” he said.

Also, the country’s rig count, a major index of measuring activities in the upstream sector, increased in the period to 16, indicating a 23 percent growth from January 2023.

But month-on-month, the nation’s rig count increased from 14 recorded in November 2023, indicating an increase of 14 percent, according to data obtained from the oil cartel.

Kelvin Emmanuel, an energy expert and co-founder/CEO at Dairy Hills, attributed the rise in the rig count to sector reforms.

He said that recent changes, such as the government’s commitment to combating organised crude oil theft from flow stations to terminals, especially hot-pressure tapping from high-pressure pipes, may be responsible for this increase.

“The reality is that if these reforms are sustained, the rig count will rise as upstream companies commit more money to increasing output and abandoning divestment plans,” Kelvin said.

Last year, Rystad Energy said that offshore oil and gas production isn’t going anywhere, “and the sector matters now, possibly more than.(

Peter Okafor
Peter Okafor
Peter Okafor Financial Journalist | Editor | Contributor Overview: Peter Okafor is a seasoned Financial Journalist, astute Editor, and valued Contributor at Naija247news Media Group. With an unwavering passion for dissecting complex financial landscapes, Peter has become a trusted name in delivering incisive and insightful coverage of economic events, market trends, and corporate dynamics. Professional Journey Peter's journey in financial journalism has been marked by a commitment to excellence. Joining the ranks of Naija247news, he has consistently demonstrated a keen understanding of the intricate interplay between finance and the global socio-economic fabric. Expertise: Specializing in financial markets, economic analyses, and business developments, Peter Okafor has honed his expertise over the years. His ability to unravel intricate financial narratives and present them in a comprehensible manner sets him apart in the world of financial journalism. Contributions As an Editor and Contributor, Peter has played a pivotal role in shaping the narrative of Naija247news. His contributions extend to thought-provoking articles, in-depth market analyses, and coverage of key events that impact the financial landscape. Educational Background: Peter holds a degree in Journalism, complemented by specialized courses in Finance and Business Reporting. His educational foundation has provided him with the tools to navigate the intricate world of financial journalism. Innovation and Adaptability: In an era of evolving media landscapes, Peter Okafor exemplifies innovation and adaptability. Leveraging digital platforms and emerging technologies, he ensures that financial insights reach a diverse audience, fostering financial literacy and awareness. Awards and Recognition: Peter's commitment to journalistic excellence has not gone unnoticed. He has been the recipient of several awards, recognizing his outstanding contributions to the field of financial journalism. Vision for the Future: Looking ahead, Peter Okafor envisions a future where financial journalism continues to empower individuals, shape economic policies, and drive positive change. His dedication to staying at the forefront of financial news underscores his commitment to this vision. Connect with Peter Okafor: - LinkedIn: [Peter Okafor](#) - Twitter: [@PeterOkafor_N247](#) In the dynamic realm of financial journalism, Peter Okafor stands as a stalwart, combining experience, expertise, and a forward-looking vision to illuminate the path of financial understanding for a global audience.

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