Crude oil boost: FG, concessionaires garner $2.1bn in 15 days


The Federal Government and oil bloc concessionaires have made $2.1 billion in the first 15 days of November.


This, New Telegraph gathered at the weekend, came as Nigeria’s November production increased to 33 million barrels as at the middle of the month.


Nigeria, data of the Organisation of Petroleum Exporting Countries (OPEC) showed, pushed out 25.5 million barrels out of the 33 million output to OPEC market between Nov. 1 and 15.


The Chief Operating Officer, COO, of the Nigerian National Petroleum Corporation, NNPC, Roland Ewubare, confirmed this figure, maintaining that Nigeria currently produces between 1.6 million-1.7 million barrels per day (bpd) of crude oil.


The country, the COO said, would continue to comply with OPEC output cuts.


“The last quota put us at 1.7 million bpd and we are committed to that threshold, our current production with the cuts is between 1.6 and 1.7 million barrels per day for November,” Ewubare said on the sideline of an oil conference in the United Arab Emirates, adding that Nigeria’s output of crude and condensate is at 2.2 million bpd, he said.


The OPEC had granted Nigeria a higher output target under an OPEC-led deal to limit supply following efforts by Africa’s largest exporter to tweak the agreement to accommodate its expanding oil industry.


Nigeria started participating in the deal this year, having been granted an exemption from previous OPEC cuts due to militant attacks that reduced the country’s output.


The average price of OPEC basket of 14 crudes on November 9 stood at $62.74 per barrel.


The highest price so far is $63.00 a barrel, which oil traded on Thursday, November 7, compared with $62.48 the previous day, according to OPEC secretariat calculations.


Using the $62.74 per barrel price, the 2.2 million barrels production amounted to $2.07042 billion in 15 days.


The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), and Kuwait Export (Kuwait).


Others are Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

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