PSC accounts for 38% of Nigeria’s oil, condensates output


Abuja — Nigeria’s crude oil and condensates production in September 2020 was driven largely by companies under the Production Sharing Contract (PSC), accounting for 37.75 per cent of the country’s total oil output, according to data released recently by the Nigerian National Petroleum Corporation (NNPC).

Specifically, the NNPC report stated that the companies produced 18.05 million barrels of crude oil and condensates in the month under review, averaging 601,636.9 barrels per day.

In general, a total of 47.82 million barrels of crude oil and condensates was produced in the country in the month under review, an average of 1.59 million barrels of crude oil and condensates per day.

Total crude oil and condensates output in September 2020 represented a decline of 6.50 per cent compared to 51.15 million barrels of crude oil and condensates produced in August 2020.

The output of the PSC companies in September 2020 was 5.5 per cent lower than the 19.11 million barrels recorded by the companies in August 2020.

Furthermore, the report noted that Joint Venture, JV, companies produced 14.38 million barrels of crude oil and condensates, accounting for 30.07 per cent of total production and 9.5 per cent lower than the 15.89 barrels they produced in the previous month.

Independent oil producers followed, accounting for 17.03 per cent of total oil and condensates output, with 8.31 million barrels, rising by 3.75 per cent compared to 8.01 million barrels recorded in August 2020.

Companies operating under the Modified Carrying Agreement accounted for 5.1 per cent of Nigeria’s oil output in the month under review, with 2.44 million barrels; representing a decline of 8.61 per cent compared with the previous month’s output of 2.67 million barrels.

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Companies under the Marginal Field segment produced 1.57 million barrels of crude oil and condensates, accounting for 3.29 per cent of total output in the month under review; and also represented an increase of 3.29 per cent compared to their oil output of 1.52 per cent recorded in August 2020.

Oil output under Resolution Agreement segment stood at 2.98 million barrels in September, accounting for 6.23 per cent of total output in the month under review and lower than previous month’s 3.06 million barrels output by 2.61 per cent; while Service Contract recorded 91,532 barrels of the commodities, a decline of 3.85 per cent compared to 95,201 barrels recorded in August 2020, and also accounted for 0.19 per cent of total output.

The report identified major oil producers in terms of quantity produced in September 2020 to include Mobil JV 6.02 million barrels, Shell Petroleum Development Company (SPDC) 5.5 million barrels; Star Deep Water Petroleum Limited 4.05 million barrels; Chevron JV 3.94 million barrels and Total Upstream Nigeria, from the Egina fields 3.85 million barrels.

Others are Total Upstream Nigeria 2.84 million barrels; Total Exploration and Production Nigeria (TEPNG) 2.74 million barrels; Shell Nigeria Exploration and Production Company (SNEPCO) 2.66 million barrels and Esso Exploration and Production 1.55 million barrels among others.



Appeared on SweetCrude

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