Improved Security Lifts Nigeria's Oil Output

August 7, 2024

Nigeria's oil output has risen to between 1.6 million and 1.7 million barrels per day after the government beefed up security to curb crude theft, Chief of Naval Staff Emmanuel Ikechukwu Ogalla said on Tuesday.

Crude production in Nigeria, a member of the Organization of the Petroleum Exporting Countries (OPEC), stood at 1.2 million barrels per day in February, Ogalla said. Oil major Shell has exited the country.

(File photo: Nigerian Navy)
(File photo: Nigerian Navy)

"We have stepped up surveillance and enforcement in the oil producing areas," the naval chief said.

"Right now, as we speak, the Nigerian Navy has 12 vessels on the sea to protect oil production and stem oil theft. We have arrested over 16 vessels, so far."

Ogalla said the force has blocked channels for the sale of illegally refined petroleum products.

The country's oil minister Heineken Lokpobiri said in May that Nigeria could produce 6 million barrels of oil per day with adequate investment in its energy sector.

He added that Nigeria and other African oil-producing countries lack the capital to explore and produce their oil and gas.


(Reuters - Writing by Chijioke Ohuocha; Editing by Jan Harvey)

Related News

Hapag-Lloyd orders 24 Newbuild Boxships Trump 2.0: What it Could Mean for Maritime, Energy and Trade Greek Shipowner Acquires Altera’s Shuttle Tanker Business OEG Renewables Orders Another CTV from Strategic Marine Philippines Plans $442M Buy of 40 Coast Guard Patrol Boats