By Michael Eboh

Marginal oil fields, have continued to make marginal impact in Nigeria’s crude oil output, as operators in the sector accounted for just 3.01 per cent of Nigeria’s crude oil production in a 12-month period, between July 2015 and June 2016.

According to terminal data from the Nigerian National Petroleum Corporation, NNPC, the marginal fields produced a total of 22.51 million barrels of crude oil in the period under review, compared to Nigeria’s total crude oil production of 748.68 million barrels in the 12-month period.

NNPC owned Nigerian Petroleum Development Company, NPDC, produced 37.62 million barrels of crude oil, accounting for 5.02 per cent of Nigeria’s total crude oil output.

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Significantly ahead the marginal fields sub-sector and NPDC, the independents sub-sector accounted for 6.4 per cent of Nigeria’s total crude oil production within the same period, with 47.89 million barrels of crude oil.

Companies operating in the Production Sharing Contract segment recorded the highest crude oil output in the period under review, accounting for 43.9 per cent of total crude oil production with 328.4 million barrels of crude oil.

Companies in the Alternative Finance sector produced 113.84 million barrels of crude oil, representing 15.2 per cent of total crude oil output.

Meanwhile, the NNPC stated that it recorded total export revenue of US$226.47 million in June, 2016, representing 21 per cent increase relative to preceding month’s performance.

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