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Nigeria’s Crude Oil Production Hit 2.057mbpd In December | The Precision

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Nigeria’s crude oil production, including condensate hit 2.057 million barrels per day (bpd) in the month of December 2017.

This is higher than the 1.93 million bpd including condensate recorded at the end of the third quarter in September.
The Federal Ministry of Petroleum Resources made this disclosure in
its facts and figures for the oil industry released at the weekend.
The Ministry added that the country trucked out 36.97 million litres
in December; 7.61 million litres of Automated Gas Oil; 1.55 million
litres of Dual Purpose Kerosene; 1.82 million litres of Aviation Turbine
Kerosene; and 0.20 million litres of Low Pour Fuel Oil (LPFO).

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Nigeria’s crude oil production has been fluctuating in the last six
months due to pipeline obstructions, which resulted to a number of force
majeure arising from circumstances beyond the operators’ control.
For example, a total of 57.92 million barrels of crude oil and
condensate was produced in September 2017, representing an average daily
production of 1.93 million barrels.
This represents a decrease of 6.31 per cent compared to August
levels. Of the September production, Joint Ventures (JVs), and
Production Sharing Contracts (PSC), contributed about 29.43 per cent and
43.26 per cent respectively.
Speaking on the progress made so far in the country’s oil production
and export, Group General Manager, Crude Oil Marketing Division of
Nigerian National Petroleum Corporation (NNPC), Mele Kyari, said the
Corporation has achieved 98 per cent automation of all transactions.
These include the supply, marketing and sale of the various grades and
blends of Nigeria’s crude oil across the world.
He said the automation exercise, which would be concluded in 2018,
had enabled NNPC achieve an end-to-end monitoring of every barrel of
crude oil sold in the country.
“Today, at a click of a button, we can tell you how much crude oil is
sold, at what price, who bought it, and where it has gone to etc,’’ he
said.
He said the projection is to operate a completely paperless crude oil
data management regime in line with the ongoing transformation of the
processes, which have witnessed sweeping reforms since 2015.
He listed the reforms to include the open bid process of customer
selection for lifting and purchasing of Nigeria’s crude oil grades,
emplacement of efficient crude for product import processes, leading to
savings of $1billion in one year as well as the introduction of improved
pricing system, which has evolved into a robust and auditable pricing
mechanism.
Kyari also explained that the reform had led to the harmonisation of
Nigeria’s crude oil data and lifting information, providing access to
major internationally recognised reporting agencies like Plat and Argus
Media to achieve real time reporting of Nigeria’s crude oil
transactions.
He said this development had enabled the country to eliminate the
perennial disagreement with its major stakeholder, the Organisation of
the Petroleum Exporting Countries (OPEC) on actual production and
lifting figures. (Guardian)

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