Confirming records low production and inability of the country to meet its crude oil quota, the latest monthly report of the Organisation of Petroleum Exporting Countries (OPEC) has shown that Nigeria’s rig count slumped to nine from 11.
Despite the Federal Government’s readiness to pump more oil and increase its acreage, operational setbacks and sabotage from key pipelines continue to undermine optimal production.
Compared to 11 rigs recorded in September this year, the October count is at par with 2020 records and lower than 16 rigs recorded in 2019.
Though S&P Global Platts survey showed that Nigeria dropped to 1.37 million barrels a day in October, 261,000 bpd below its OPEC+ quota, due to prevailing challenges, OPEC’s Monthly Oil Market Report (MOMR), published yesterday, showed that the country recorded 1.35mbpd according to secondary sources and 1.23mbpd based on direct communication to the cartel.
Platts survey had revealed that Bonny Light, Escravos and Forcados have all faced production issues in 2021, while output of other key grades such as Qua Iboe, Brass River, Agbami, Akpo and Egina have also remained consistently low this year.
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