Nigeria’s Monthly Oil Production Grows By 11% In October, Highest In Three Month
by Olanrewaju Oyedeji
Fresh data from the Nigeria Upstream Regulatory Commission (NUPRC) has shown Nigeria’s monthly oil production has increased by 11 percent to 38.141 million barrels of Crude Oil in the month of October, a development expected to bring relief for Nigeria’s cash-strapped federal, state and local governments in the coming months.
The bulk of the revenue shared at the Federal Accounts Allocation Committee (FAAC) meeting by the federal, state and local governments are dollar earnings from oil exports and are converted to naira before being shared.
Findings by Dataphyte showed in the month of October Nigeria’s QUA IBOE Oil terminal accounted for the largest amount of Crude Oil produced in October with 5.040 million barrels. ESCRAVOS oil terminal produced 4.532 million barrels.
The total production is a fall from the total 51.976 million barrels produced in January, this year. It is however an 11percent increase from the 34.116 million barrels produced in September.
The details show that the daily crude oil production of the country stood at 1.23 million barrels, a fall from the 1.676 million barrels produced in January and an increase from the 1.137 million barrels produced in September.