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Nigeria's Oil production reaches record high – Money Matters

August 8, 2012 No Comments »

 

New milestone

Despite ongoing security problems and continued theft, the Nigerian oil industry has today hit a new milestone in oil production.

 Already the largest oil industry in Africa, the Nigerian state-run oil company announced that it had recorded an output of 2.7 million barrels per day on Wednesday, an increase of between 500,000 and 700,000 barrels on previous months.

The announcement comes even as hundreds of thousands of barrels are stolen; Shell and the Nigerian government estimate that between 180,000 barrels per day are stolen by militants in the Niger delta. 

 

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All time high                                                                                         

Andrew Yakubu, Managing Director of the Nigerian National Petroleum Corp (NNPC) said in a statement; “I am glad to report to you that yesterday we recorded an all time high of 2.7 million barrels.  This has not been recorded before. 

The security measures being put in place by the Federal Government in the Niger Delta region are beginning to yield positive results as shown in the increased crude oil production in the country. 

List of nations by oil production

Yakubu appealed to all states, local governments, communities and other stakeholders to work in partnership with the corporation to safeguard the pipelines and other strategic national assets in order to reduce wastages. 

Nigeria is the 13th largest oil producer in the world, producing 1/5th of Saudi Arabia’s oil output. 

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