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Engineer Babalola
By Kehinde Akinpelu, Ilorin
Director of All Grace Energy, Engineer Sunday Adebayo Babalola, has said it is a good development that Nigeria’s oil production has increased.
He stated that Nigeria should not relax but adopt more measures to produce more crude oil.
He spoke in an interview with journalists.
He said he was delighted that Nigeria emerged topmost improved supplier of crude oil among the 13 member countries of the Organisation of Petroleum Exporting Countries (OPEC) for January 2023 supplies.
He noted that in the report of OPEC’s Monthly Oil Market Report (MOMR) for January 2023, Nigeria increased its supply by 65,000 barrels per day to hit 1.336mbpd in January 2023.
He noted that Nigeria beat other OPEC member nations, including Saudi Arabia, Kuwait, IR Iran, Iraq, Angola, Algeria, United Arab Emirates (UAE), and Libya. He also recalled that Nigeria’s output was 1.271mbpd in December 2022; and 1.175mbpd in November 2022.
Babalola said, “It is a good development that Nigeria’s crude production has increased. Nigeria’s crude oil production figure in January 2022, was 1.39 million bpd, which was the highest in the year.
“Oil production decreased to 1.25 million bpd, in February; 1.24 million bpd, in March; it was 1.22 million bpd in April; and 1.02 million bpd in May. Oil production rose to 1.15 million bpd in June but declined to 1.08 million bpd in July. In August, production supply was an all-time low of 972,394 bpd. It further dimmed to 937,766 bpd in September. It rose to 1,014,485 in October. Nigeria produced 1.175mbpd in November and 1.235mbpd in December.
“I am happy about the improvement in crude oil supply or production. It should get better by the day because we are losing so much money without Nigeria meeting its quota by the Organisation of Petroleum Exporting Countries. We are losing much money and the oil companies are losing much money. When I was in the DPR, I called it deferred revenue but whichever way you look at it, whether it is lost revenue or deferred revenue, there is no money to lose. Now if our productions are improving and Nigeria earns those revenues, it will be a good development which can translate to the provision of infrastructure and good welfare for the people and improved living standards.”
Babalola who is a retired Deputy Director of the now defunct Department of Petroleum Resources said deregulation is the solution to the lingering crisis of premium motor spirit.
