The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced an increase in the country’s average daily oil production.
Chief Executive Gbenga Komolafe has disclosed that production has reached 1.61 million barrels per day as of July 23. He made the disclosure at a public hearing on oil theft and losses.
According to him, the commission is tackling challenges in crude oil theft and pipeline vandalism, particularly in the Niger Delta region.
Despite progress, Nigeria has faced substantial losses due to oil theft, with the Nigerian National Petroleum Company Limited (NNPC) reporting a monthly loss of $700 million in September 2022. The Nigerian Extractive Industries Transparency Initiative also revealed that the country lost 619.7 million barrels, valued at N16.3 trillion, to crude oil theft between 2005 and 2021.
To address these issues, the NUPRC said it has implemented end-to-end production monitoring and mass balance methodology.
“This has prompted the commission to employ end-to-end production monitoring and a mass balance methodology to accurately account for losses and differentiate them from operational losses.
“These interventions have significantly reduced theft, with zero incidents reported in July 2023,” Komolafe said.
