Nigeria’s oil output was at the lowest since 1990 as its crude oil production fell below 1 million barrels per day in August 2022. And data from the Organisation of the Petroleum Exporting Countries in early September showed that Angola and Libya have overtaken Nigeria as Africa’s highest crude oil producers. The Conversation Africa’s Wale Fatade asked Omowumi Iledare, professor emeritus in petroleum economics and policy research to explain what’s happening.
Technical production is what is actually coming out of the wells and fields. This is obviously affected by the number of wells that are put into production and the less producing wells in a field at its peak, less the aggregate field output. Since 2003 Nigeria has not put any bidding processes in place to meet exploration and development of fields. And it takes a lot of years before you can tie them up for production.
How does insecurity affect crude oil production? There’s asset insecurity. Almost 20% of the capacity of Nigeria is being stolen, about 400 to 500,000 barrels per day. But this isn’t happening through pipelines. So there must be some type of conniving, because it is just unbelievable that you can move that much crude oil under the watchful eyes of the security agents – either the navy or the army, or whatever.
The physical infrastructure that is supposed to be the responsibility of the government is bad because it is not doing what it’s supposed to do with its oil money.
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