Nigeria last month produced 1.281 million barrels per day of crude oil, as the country’s output edged slightly against the 1.231 million output in March.
Monthly data released yesterday by the Organisation of Petroleum Exporting Countries (OPEC) showed that the country is still struggling to meet the 2024 oil production benchmarks of 1.78 million barrels amidst revenue deficit.
Government had in the 2024 budget estimated N18. 3 trillion revenue, expecting that N8.trillion or 43.9 per cent would accrue from oil but the projection have been challenged by the dismal output of oil production.
Meanwhile, Shell Nigeria Exploration and Production Company Ltd (SNEPCo) produced more oil at Bonga last year compared to 2022. Shell said the improvement was driven by drilling of new wells, optimising reservoir and facility management and excellent asset management.
SNEPCo Managing Director Elohor Aiboni said Bonga continues to justify the investments and hard work that led to its discovery.
Aiboni said: “The uptick in production is the result of commitment by staff, continuous improvements in production processes and maintenance and the support of the Nigerian National Petroleum Company Ltd (NNPC) and our co-venture partners – TotalEnergies Nigeria Limited, Nigerian Agip Exploration and Esso Exploration and Production Nigeria Limited. Working together, we will continue to power lives and deliver value to all stakeholders.”
Bonga began production in November 2005 through the 225,000-barrels-per-day capacity Bonga FPSO, anchored 120 kilometres offshore. The FPSO exported the 1 billionth barrel of oil last year.
The operations have resulted in remittance of taxes and royalties to the Government of Nigeria to finance development, development of indigenous contactors and service providers, and a wide-ranging social investment portfolio which has improved lives across the country.
