Report Says Nigeria Rakes in N1.4 Trillion From Oil in February

Report Says Nigeria Rakes in N1.4 Trillion From Oil in February

  • Nigeria produced a total of 36,400.000 barrels of crude oil in February and sold it for $84 per barrel
  • The country reportedly sold about 3.7 million barrels of crude oil daily in February
  • Also, the Nigerian Government earned almost the same amount in January and produced 37 million barrels of crude oil for the month

The Nigerian Government earned about N1.4 trillion from oil export in February 2023.

Earnings from oil export increased marginally in February last month, as oil output surged by 100,000 barrels per day, amounting to an increase of 2.8 million barrels in the month, data from Reuters said.

Crude oil, FG
President Muhammadu Buhari Credit: Bloomberg
Source: Getty Images

OPEC says Nigeria produced 1.2 million barrels of crude oil daily in January

An analysis of the data indicates that an increased crude oil production by 100,000 daily translates to a 2.8 million output in February 2023.

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Nigeria produced 1.3 million barrels of oil daily in February, accounting for an output of about 36,400,000 million for the month.

The country’s Bonny Light sold for $84 per barrel in February, bringing the total earnings to N1.405 trillion.

In contrast, a Punch report says that data from the Organisation of Petroleum Exporting Countries (OPEC) Monthly Oil Market Report for January indicates that crude oil output was 1.2 million barrels daily in January.

It indicates that Nigeria produced about 37 million barrels in January 2023.

It also means that oil sold for $82 per barrel in January, accounting for earnings of about N1.405 trillion.

Crude oil production declines

The National Bureau of Statistics (NBS) reported that crude oil production declined by 13% year-on-year in Q4 of last year.

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Per the NBS report, Nigeria recorded a daily average oil output of 1.3 million barrels per day in Q4 of 2022, lower than the 1.50 million barrels of crude oil in 2021.

Mele Kyari, the Group CEO of Nigeria Petroleum Company Limited (NNPCL), accused pipeline vandalism for the low crude oil output.

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, recently blamed low crude oil production on theft resulting from pipeline vandalism.

Nigeria discovers new oil field that can produce 681,000bpd and 1.52 billion cubic feet of gas daily

Recall that reported that the Nigerian government had identified new oil fields that can deliver about 681,000 barrels of crude oil and 1.52 billion typical cubic feet of gas per day, a quantity expected to boost production.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) disclosed this in a document.

According to the Chief Executive Officer of NUPRC, Gbenga Komolafe, an increase in crude volume was expected from new oil wells and well re-entry.


Pascal Oparada avatar

Pascal Oparada (Business editor) Pascal Oparada is a Mass Communications Graduate from Yaba College of Technology with over 10 years of experience in journalism. He has worked in reputable media organizations such as Daily Independent, TheNiche newspaper, and the Nigerian Xpress. He is a 2018 PwC Media Excellence Award winner.

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