•$30bn Brass, Olokola LNG projects suffer 19 years delay despite lucrative gas market •IOCs spent over $1bn on projects without FID, says NCDMBWith a projected 1.88 million barrels per day crude oil production in the 2022 federal budget, Nigeria under-produced to the tune of 263 million barrels of the commodity between January and November, a THISDAY analysis of industry data has shown.
In essence, this meant that the country was unable to produce as much as a whopping 263 million barrels of crude oil during the period spanning between January and November this year. August saw the production of 30.1 million barrels, against the 58.2 million projection; followed by September in which Nigeria’s output fell to a multi-decade low of 28.1 million barrels while in October and November, the country drilled 31.4 million barrels and 35.5 million barrels respectively.
Whereas the newly repaired Forcados’ output was 7.5 million in January, as of November it produced 6.2 million barrels while Escravos blazed the trail, increasing production from 3.7 million barrels in the first month of this year, to 4.6 million barrels in the eleventh month. Although Nigeria added 77,000 in that month, it wasn’t enough to return the country to the top of the table as Africa’s biggest producer, even though Algeria gained a paltry 2,000 bpd, Angola lost 40,000 bpd and Libya gained 6,000bpd, according to OPEC’s secondary sources.
Earlier this month, the Minister of State, Petroleum Resources, Chief Timipre Sylva, said Nigeria was working towards meeting its OPEC crude oil production quota of 1.8 million bpd by the end of May 2023. While the NNPC put December production data at 1.59 million barrels per day so far, the NUPRC pegged it at 1.4 million bpd. Traditionally, OPEC and NUPRC release the production information every month.
However, the Nigerian Content Development and Monitoring Board said the international oil companies involved in the projects have lost over $1 billion without getting to Final Investment Decision . The Brass LNG sited in Brass, Bayelsa State and the Olokola LNG located in Ondo State were initiated in 2003 and 2005, respectively, by the administration of the former President Olusegun Obasanjo to help the country monetise part of its vast natural gas reserves and meet the growing global demand for clean energy.
On the other hand, the $9.8 billion Olokola LNG was expected to have a total capacity of 12.6 mtpa, with start-up originally scheduled for 2011.
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