Sopuruchi Onwuka
Lagos — As always, Nigeria's actual oil and natural gas liquid output figure for the month of February has become a subject of debate between government agencies in the industry and credible independent bodies.
Global petroleum industry and market information agency, Platts, weekend stated that Nigeria's export to the international petroleum exchanges in the month has dropped by 100, 000 barrels per day to 1.98 million barrels per day.
According to the group's data of exports from members of the Organization of Petroleum Countries (OPEC), Nigeria pushed less oil to the international markets in the month as against the 2.5 million barrels per day (mbd) declared by the Nigerian National Petroleum Corporation (NNPC) earlier in the month.
According to Platts, Nigeria's output came down 100, 000 barrels per day under her January figures of 2.08 mbd and her December figures that totaled 2.0 mbd.
With the February performance, Platts' figures showed that the nation's output plunged back to November 2009 production levels of about 1.9 mbd but above the approved production limit of 1.704 mbd.
Before the relapse, the nation's production had been on production recovery following the amnesty programme of the federal government which addressed security concerns that led to production decimation in the past four years.
According to Platts, Nigeria's oil and condensate output had been on steady rise since the last quarter of 2009 to January this year when production was posted at 2.08 mbd.
The independent international agency which provides insight into the export market and tracks supplies from production sites to the market put output from the country at 1.87 mbd in October 2009; 1.9 mbd in November 2009; 2.0 mbd in December; and 2.08 in January 2010.
No explanation has been given for the decline in Nigeria's production estimates as both the Central Bank of Nigeria (CBN) which declares revenue figures that support oil export receipts as well as the Department of Petroleum Resources (DPR) which oversees industry activities have not made monthly reports in the past three months.
Group Managing Director of the Nigerian Nationa Petroleum Corporation (NNPC), Dr.Mohammed Barkindo, had while hosting the Chief of Defense Staff Paul Dike in Abuja disclosed Nigeria's oil and condensate output had attained a recover record of 2.5 mbd.
He said the current production figure had not been seen in the last seven years.
According to him, Total hydrocarbon liquids exported from Nigeria last month rose to 2.5 million barrels per day (mbd), marking significant recovery from previous low levels and rising above the country's production ceiling at the Organization of Petroleum Exporting Countries (OPEC).
The rising production figure posted by the NNPC was however contrary to prediction by the International Energy Agency (IEA) which monitors the market trends for the major western economies that depend on imported fuel meet local demand.
Government officials attribute the production upbeat to the amnesty program to militants operating in the Niger Delta region.
Nigeria's cumulative crude oil and condensate output had dropped to about 1.7 mbd in the heat of repeated militant attacks on the nation's oil and gas facilities in the Niger Delta region before President Yar's Adua struck the amnesty deal.
However, the drop in Nigeria's export market share did not significantly impact market supplies as overproduction from other member countries more than offset the supply deficit and pushed OPEC's cumulative output from 29.25 mbd in January to 29.31 mbd in February to sustain a steady rise.
According to Platts, Nigeria was only followed by Libya in production decline among OPEC countries. Libya cut which overshot it output quota by 78, 000 barrels per day shed only 10,000 barrels per day from 1.56 mbd in January to 1.55 mbd in February.
Algeria, Ecuador, Kuwait and Saudi Arabia maintained production plateau in the month with Algeria keeping output at 1.26 mbd; Ecuador posting production plateau of 0.480 mbd since November; Kuwait at 2.28 mbd and Saudi Arabia at 8.2 mbd.
Angola increased output by 50 kbd from 1.87 mbd in January to 1.92 mbd in February; iran raised production by 10 kbd from 3.75 mbd in January to 3.76 mbd in February; Qatar increased by 20 kbd from 800 kbd to 820 kbd.
Other production increases were posted by United Arab Emirates (UAE) which pumped up by 10 kbd from 2.27 mbd in January to 2.28 mbd in February; Venezuela which raised production by 10 kbd from 2.21 in January to 2.22 in February; and iraq which also increased output by 70 kbd from 2.49 mbd in January to 2.56 mbd in February.
Total OPEC output in the month consequently jumped by 60 kbd from 29.25 mbd in January to 29.31 mbd in February.
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