Nigeria’s Crude Oil Production Down By Over 120,000 Barrels

Nigeria’s Crude Oil Production Down By Over 120,000 Barrels

Data from the Nigerian Bureau of Statistics, NBS, has shown that Nigeria’s crude oil production dropped by over 120, 000 barrels from 2012 to 2016.

According to NBS, the country’s production from 2012 to 2016 revealed that 656,804.59 barrels of crude oil was produced in 2016 as against 777,492 barrels produced in 2015.

The differentials within the reviewed years amounted to 120, 688 barrels.

In terms of exports, figures showed that 771,444.96 barrels of crude oil were exported in 2015 as against 773,833.13 barrels in 2014.

Nigeria’s crude oil reserve was pegged at 37,453m in 2016.

On gas production, Nigeria had a total of 2,711,803,306.10million standard cubic feet, mscf, of gas output in 2016 as against 3,003,179,000.00mscf of gas produced in 2015.

For gas use, 2,404,095,858.60mscf was utilised in 2016 as against 2,672,247,000.00mscf utilised in 2015.

Gas flared in 2016 was put at 29,648,382.48mscf.

A total of 57,437b/d Liquefied Petroleum Gas, 260,787b/d of Petroleum Motor Spirit, 144,654b/d of Household Kerosene, 200,114b/d of Automotive Gas Oil and 283, 632b/d of fuel oil, were also recorded as finished products from domestic refineries in the year 2015.

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