Nigeria has lost at least 120 million barrels of crude oil from January and September this year amidst revenue crisis.
The level of crude oil loss in production translates to $12.6 billion going by crude oil production data obtained from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
While Nigeria had proposed a budget of N20.5 trillion ($47.3 billion) in 2023 with the feasibility of relying heavily on borrowing amidst the country’s debt crisis, the $12.6 billion loss from the oil production would have provided a quarter of what is needed to finance the budget.
The Nigerian National Petroleum Company (NNPC) Limited is hopeful the country’s oil production will rebound to 1.8mn b/d by the end of the year and to increase further in 2023.
The total production from January to September of 2021, which included crude oil and condensate, stood at 452,051,631 barrels.
The total production from January to September of 2022, made up of crude oil, blended and unblended condensate stood at 331,825,054 barrels.
This development brought the level of loss in a space of nine months to 120,226,577 barrels.