Stock photo of an offshore oil rig“Without natural capital accountability GDP growth is meaningless’

By Obas Esiedesa

Nigeria’s oil production crashed below the one million barrels per day mark in August costing the country about $2.658 billion, latest data has shown.

Oil production figures posted by the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, yesterday, showed that daily average production for August was 972,394 barrels, compared to 1.083 million barrels produced in July 2022.

The production figure was 857,606 barrels short of Nigeria’s OPEC daily production quota of 1.83 million.

At the average price of $100 per barrel, the country lost $85.76 million daily, amounting to $2.658 billion during the month.

NUPRC data showed that condensate, which is not part of Nigeria’s OPEC quota was 207,052 barrels per day.

Nigeria’s oil production has been hampered by rising oil theft, illegal refining and production shut-ins.

Yesterday, oil and gas workers protested against the rising level of crude oil theft in the Niger Delta and demanded that the Federal Government take action against the criminals.

Marching under the aegis of the Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, in Abuja, the workers said companies in the industry were struggling to stay afloat due to loss of revenue.

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