HomeBusinessOil earnings increase by N363bn in three months

Oil earnings increase by N363bn in three months

Following improvements in security in the Niger Delta region, Nigeria is making headway in its oil revenues as it brought in an additional N363 billion from crude oil sales in the months of October, November, and December 2022.

According to data acquired from the Federal Ministry of Petroleum Resources on Sunday, the nation’s oil production increased by 1.014 million barrels per day in October, up 0.077 million barrels per day from the 0.937 million barrels per day output in September.

When compared to the daily output in the month before, October, the nation produced 1.185 million barrels of crude per day in November, representing an increase of 0.171 million barrels per day.

Additionally, oil production increased in December of last year, with Nigeria producing 1.253 million barrels per day (mbpd) in December, up 0.05 million barrels per day from November’s output.

The average price of Brent, the international standard for crude, was $93.4 per barrel, $89.62 per barrel, and $76.42 per barrel in October, November, and December of 2022, according to data collected from Statistica and Countryeconomy, two international economic and statistical businesses.

In October, Nigeria’s oil production increased by 0.077 million barrels per day, or 2.387 million additional barrels.

It is implied that the nation made an additional $222.95 million (N101.02 billion, at the official exchange rate of N453.1$), or $93.4 per barrel, of crude oil on average throughout the review month.

Nigeria increased its oil production in November by 0.171 million barrels per day, or 5.13 million barrels, while the average price of crude oil was $89.62 a barrel.

According to this, Nigeria’s oil revenues climbed by $459.75 million (or N208.31 billion at the official currency rate of N453.1/$ used by the Central Bank of Nigeria).

Nigeria produced 1.55 million barrels of oil in December 2022, an increase of 0.05 million barrels per day, at an average price of $76.42 per barrel for Brent.

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As a result, at the official exchange rate of N453.1/$, the Federal Government’s earnings from crude oil exports increased by $118.45 million (N53.67 billion) in the past month.

The three-month period that followed the increase in security in the Niger Delta region saw Nigeria earn an additional N363 billion from oil sales, according to the sum of the monthly income growth during that time.

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Prior to May 29, 2023, the President, Major General Muhammadu Buhari (ret.), gave security agencies the command to stop pipeline and crude oil theft in the Niger Delta.

He emphasized that the Federal Government could no longer tolerate the lawlessness and said that the order had become essential in order to effectively increase the nation’s oil production.

In Effurum, Delta State, and Port Harcourt, Rivers State, Buhari addressed the Joint Task Force Operation Delta Safe troops and issued the order through Minister of State for Petroleum Resources, Chief Timipre Sylva.

Sylva was cited as saying, “Mr. President has tasked us to eradicate crude oil theft,” in a statement released in Abuja by his media assistant, Horatius Egua.

He has commanded that no litre of crude oil shall be stolen across the country again, especially in the South-South.

He desires that one of the lasting effects of his administration be the eradication of crude oil theft entirely by May 29, 2023.

This is the president’s message. Although we are not exactly where we want to be, we are content with what we are witnessing.

Prior to the intensified efforts of the Federal Government in confronting the scourge of crude oil thieves, the nation’s daily crude oil production was roughly 900,000 barrels per day.

However, as a result of recent advancements in security measures, oil production has increased, rising to around 1.5 million barrels per day, according to the statement.



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