Nigeria No Longer Africa’s Biggest Oil Producer and Could Fall to Third as Libya closes in

Nigeria No Longer Africa’s Biggest Oil Producer and Could Fall to Third as Libya closes in

  • Nigeria has seen a huge reduction in output at a time when oil prices are trading at $100 per barrel
  • Nigeria's latest oil output number is the lowest this year and also in the last 25 years as oil producer
  • Due to low output, Angola has surpassed Nigeria to become Africa's top oil producer, and Libya is also closing in

The Organization of Petroleum Exporting Countries (OPEC) has placed Nigeria as Africa's second-largest oil production for the third time in 2022.

This was reported by OPEC in its August statistics, which were published on its website.

According to OPEC figures, Nigeria's oil output in July was 1.084 million barrels per day based on direct communication.

Nigeria Crude oil production
Snapshot of OPEC member countries' oil production Credit: OPEC
Source: Facebook

According to Aljazzera, Nigeria's July production is the lowest daily average output since at least 1997, data from the Organization of the Petroleum Exporting Countries (OPEC) shows.

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Angola overtakes Nigeria

While Nigeria struggled, Angola, on the other hand, produced 1.180 million barrels of oil per day to take the position as Africa's largest oil producer for the month of July for the third time in 2022.

Legit.ng had earlier reported that in May and June, Angola produced more crude oil than Nigeria.

Other African nations are catching up, with Libya producing 632 thousand barrels per day in July, Congo producing 263 thousand, and Equatorial Guinea producing 101 thousand barrels per day.

Expert speaks

Reacting, Former chairman, Board of Trustees, Society of Petroleum Engineers, Engr. Alex Niyi, said many stakeholders, including the government and its agencies, were aware of the workings of oil thieves.

His words:

“Without doubt, the government is aware and other agencies, including some elements in the Navy are involved in the crude oil theft business. Crude theft is a close gear to all these persons.

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“The Impact of the theft is devasting and it is already visible. It is sad Government is not serious as regards stopping this business as it is the bread and butter of some security officials and top politicians.

Crude oil monthly sales

In another report Legit.ng provided a detailed breakdown of how much Nigeria has made so far from oil.

According to the report a total of $204.22 in crude oil sales have been recorded in 2022,

It was also revealed that for the first time, NNPC Crude Oil Export Revenue is zero in One Month

NNPC Is now Nigeria’s biggest company by shares Capital As It Enters a New Era After 44 Years

Legit.ng reported that President Muhammdu Buhari on Tuesday, 19 July 2022, officially change the status of the Nigerian National Petroleum Company Limited (NNPC) to become a fully Limited Liability Company. NNPC's operations will now be fully compliant with the terms of the Companies and Allied Matters Act (CAMA) of 20.

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This means that the general public can now buy and sell NNPC shares, but not yet.

NNPC, on the other hand, established an initial share capital of N200 billion when it was incorporated with the Corporate Affairs Commission.

Source: Legit.ng

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