Nigeria now produces crude oil from over 246 fields throughout the nation and operates 188 manufacturing stations/platforms, the Federal Authorities has said.
Information obtained in Abuja on Friday from the Nigerian Upstream Petroleum Regulatory Fee, an company of the Federal Authorities, indicated that Nigeria’s oil-producing fields had been on the rise because the first industrial oil discovery within the nation by Shell Darcy at Oloibiri, Bayelsa State, in 1956.
The NUPRC doc, which centered on stability within the oil sector, learn partly, “Since 1956, the Nigerian upstream oil and gasoline panorama has grown with the event and set up of a number of oil and gasoline services.
“With over 246 producing fields, 2,777 producing strings, 188 manufacturing stations/platforms, 4 gasoline terminals, 5 land terminals, 11 FSOs (Floating Storage and Offloading Models), 18 FPSOs (Floating Manufacturing Storage and Offloading), and a number of other different services at varied levels of growth, Nigeria is poised to spice up manufacturing and improve vitality safety.”
Nigeria has been recording enhancements in oil outputs and installations these days.
Recall that Sunday PUNCH reported on March 17, 2024, that the variety of purposeful oil drilling rigs throughout the nation elevated marginally to 16 in February.
The report said that this was based mostly on information from the March 2024 Month-to-month Oil Market Report of the Organisation of Petroleum Exporting Nations.
Figures launched by OPEC indicated that the nation’s oil rigs elevated from 15 in January to 16 in February, a growth that trade operators described as important for the manufacturing of crude.
OPEC information, based on Sunday PUNCH’s report, confirmed that the nation operated a mean of 13, 16 and 14 oil rigs within the second, third and fourth quarters of 2023, respectively.
An oil rig/platform is a big construction with services to extract and course of petroleum and pure gasoline that lie in rock formations beneath the seabed.
Nigeria, as an oil/gas-rich nation, drills crude oil each day from onshore and offshore sources for export.
It earns greater than 80 per cent of its international trade from oil; therefore, the variety of purposeful oil drilling rigs throughout the nation is important.
In the meantime, within the newest NUPRC doc obtained on Friday, the fee famous that given the prevailing safety challenges throughout the nation, deliberate safety of oil and gasoline property was paramount.
It described oil property as crucial, not just for the nation’s economic system but in addition for the well-being of its residents and sustainable growth of the nation.
“Though the precise nationwide manufacturing at the moment averages 1.33 million barrels of oil per day and 256,000 barrels of condensate per day, the nationwide technical manufacturing potential at the moment stands at 2.26 million bpd, whereas the present OPEC quota is 1.5 million bpd.
“Closing the hole between the precise oil manufacturing and the technical potential presents a major alternative for Nigeria to unlock further income streams, deal with the present international trade hole and strengthen her financial resilience.
“Enhanced safety for oil and gasoline infrastructure and transportation services is a elementary element of attaining this objective,” the fee said
It famous that by adopting an built-in strategy that addresses infrastructure, transportation, and safety challenges holistically, Nigeria would foster stability, sustainability and resilience inside its vitality sector.
“Such built-in technique would recognise the interconnectedness of assorted facets of the vitality worth chain and emphasise the necessity for collaboration amongst authorities companies, safety forces, trade stakeholders, and worldwide companions to implement focused methods and initiatives.
“The varied facets embrace funding in new infrastructure tasks, upkeep of present property, growth and deployment of contemporary applied sciences, investments in pipelines, digital pipelines, ports, railroads, and highways to facilitate the transportation of vitality assets.
“It additionally consists of implementing complete safety measures to safeguard vitality infrastructure and property from threats akin to vandalism, theft, sabotage, and cyber assaults.
“The strategy additionally requires the institution of clear coverage frameworks and regulatory mechanisms to help funding, promote competitors, and guarantee transparency and accountability inside the vitality sector,” the upstream regulator said.
