Nigeria’s Daily Oil Production Hits 2.04 mbpd in Third Quarter Of 2019

Nigeria’s daily oil production increased to 2.04 million barrels per day (mbpd) in the third quarter of 2019.

The oil production rate according to data released by the National Bureau of Statistics (NBS) on Friday is at a three-year high, contributing 9.77% to the country’s gross domestic product (GDP) which grew by 2.28%.

This output was 0.1mbpd higher than the daily average production of 1.94mbpd recorded in the same quarter of 2018.

Recall that the Group Managing Director of the Nigeria National Petroleum Corporation (NNPC), Mele Kyari had said that the country had recorded significant successes in building its national output to an average of 2 million barrels per day and reserves of 37 billion barrels.

When Kyari came on board, he said his focus was on turning the corporation into an oil giant reputed for growth as well as Transparency, Accountability, Performance and Excellence (TAPE).

He said this will stimulate the corporation’s staff to raise crude oil production to 3 million barrels per day and reserves to 40 billion barrels by 2023.

The latest NBS data may be one of the results of sweeping reforms currently on-going in the NNPC.