Navy chief: Nigeria’s oil output reaches 1.7mbpd due to crackdown on theft.
Nigeria’s oil output has risen to between 1.6 and 1.7 million barrels per day (bpd) due to intensified security measures targeting crude oil theft, according to Emmanuel Ikechukwu Ogalla, the Chief of Naval Staff. This increase marks a notable improvement from February when production was at 1.2 million bpd.
Ogalla highlighted that the Nigerian Navy has significantly boosted its efforts to protect oil production. The Navy currently has 12 vessels deployed for surveillance and enforcement, leading to the arrest of over 16 vessels involved in illegal activities. Additionally, the Navy has blocked channels used for the sale of illegally refined petroleum products.
In comparison, data from the Organization of Petroleum Exporting Countries (OPEC) show that Nigeria’s crude oil production peaked at 1.43 million bpd in January 2024, based on primary sources. However, secondary sources report an average of 1.362 million bpd for June 2024, down from 1.372 million bpd in May.
Nigeria’s oil minister, Heineken Lokpobiri, has suggested that with adequate investment, the country could potentially increase its production to 6 million bpd. He also noted that financial constraints are a significant barrier to further exploration and production in Nigeria and other African oil-producing countries.
