The improved output in September leads to a significant increase of ₦274bn in Nigeria’s crude oil revenue.

admin October 24, 2023
Updated 2023/10/24 at 8:46 AM

In September 2023, Nigeria experienced a significant increase of over N273.8 billion in its oil earnings due to an uptick in crude oil output by operators in the sector.

Based on the latest data provided by the Nigerian Upstream Petroleum Regulatory Commission, Nigeria managed to pump out a total of 40,396,863 barrels of crude oil (excluding condensates) last month.

This marked a notable improvement from the 36.6 million barrels produced in August, indicating a rise of 3.8 million barrels in oil output during September.

Thomson Reuters statistics reveal that the average price of Brent crude for the same period was recorded at $93.72 per barrel.

Nigeria’s oil revenues surged by over $354.42 million, equivalent to N273.8 billion, in September.
This was achieved by producing an extra 3,781,738 barrels of oil at an average cost of $93.72 per barrel, with an average exchange rate of N772.65 to the dollar during that month.

Heineken Lokpobiri, the minister of state for petroleum resources, recently announced that Nigeria’s oil production has risen to approximately 1.7 million barrels per day, compared to 1.1 million barrels per day in August.
Lokpobiri attributed this increase to successful efforts made by the government and sector operators in identifying and resolving the underlying issues.

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