Wednesday, 5 December 2012

Nigeria’s crude oil production slides to 2.09mbpd

Nigeria’s crude oil production, including condensates decreased to 2.09 million barrels per day (bpd) in the first half of 2012, compared with the 2.14 mbd recorded in the first half of 2011.
This figure was however lower than the 2.4mpd production level earlier announced by the Nigerian National Petroleum Corporation (NNPC) during the period under review. This was contained in the Central Bank of Nigeria (CBN) half yearly report released recently.
According to the CBN, the development was attributed to the increased vandalization of oil pipelines and crude oil theft in the Niger Delta region. The report puts aggregate crude oil export for the period under review at 1.64 mbd compared with 1.69 mbd recorded in the corresponding half of 2011. Total associated gas produced during the period was estimated at 34.10 million cubic metres (MMm3), indicating an increase of 24.82 per cent from the level in the corresponding period of 2011.
CBN noted that the total volume of gas utilized was 28.08 MMm3, while total gas flared was estimated at 6.02 MMm3 indicating a decrease of 7.38 per cent from the level in the first half of 2011. The apex bank noted that Nigeria imported  3,288.10 million litres of Premium Motor Spirit (PMS), 366.69 million litres kerosene (DPK) and 454,26 petroleum products distributed during the period under review.

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