Sunday, January 23, 2022

    Nigeria’s marginal oilfields crude production slumps to 1.52mb in 7 months

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    Marginal oil fields in Nigeria produced 1.52 million barrels of crude oil and condensates in August 2020, accounting for 2.97 per cent of Nigeria’s total oil and condensates production of 51.147 million barrels in August 2020.

    Marginal oil fields were created exclusively to drive indigenous participation in the nation’s upstream oil industry.

    In its crude oil production report for August 2020, released recently, the Nigerian National Petroleum Corporation, NNPC, stated that the 1.52 million barrels of crude oil produced in August was 14.61 per cent lower than the 1.78 million barrels produced in the previous month, July 2020. The August percentage contribution was also a decline from 3.47 percent in July, while the total output in August represented a marginal drop of 0.21 percent below the July output.

    The development in marginal field output came in spite of efforts by the Federal Government to increase the contribution of indigenous oil firms to Nigeria’s crude oil and gas production.

    The Federal Government, realising the importance of the marginal fields programme, especially in the area of shoring up Nigeria’s crude oil output and boosting the country’s revenue, had offered 57 marginal oil fields for concession.

    The objective of the 2020 marginal field bid round was to deepen the participation of indigenous companies in the upstream segment of the industry and provide opportunities for technical and financial partnerships for investors.

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