Sat. Dec 3rd, 2022

Nigeria lost its crown as Africa’s largest crude producer as Angola surpassed the country for the first time in more than five years.

Angola’s average daily output in August of 1.17 million barrels was more than Nigeria’s at 1.13 million barrels, according to Bloomberg’s survey of monthly OPEC output. The last time that happened was in April 2017 when both nations were pumping about 500,000 barrels a day more, the same data show.

Nigeria’s production has declined steadily since 2020 and has reached multi-decade lows this year. The government has blamed massive levels of theft on the pipelines that crisscross the oil-rich Niger Delta in southern Nigeria.

Libya produced 1.08 million barrels of crude a day in August, according to the survey, and could soon overtake Nigeria if the West African country continues on its current trajectory.

Statistics published by the Nigerian Upstream Petroleum Regulatory Commission paint a bleaker picture, with output at only 972,000 barrels a day last month. That figure rose to 1.18 million barrels when condensate – a light hydrocarbon that is exempt from OPEC quotas – is included.

Article Source: Bloomberg

On this note we specially invite you to attend the International African Energy, Oil and Gas Summit 2022, with the theme ‘Harnessing the Potential for Inclusive Energy Transition and A Sustainable Future’, Scheduled to hold in Angola from the 22nd of October 2022.

The event would support the positioning of your brand as a major force in the African energy, oil, and gas market.

This is undoubtedly, an exceptional chance to participate in Angola’s most recent energy projects and network with the energy ministry, key oil and gas players, and counterparts from other African nations, including the African Development Bank, African Continental Trade platform players, and a number of others.

Kindly join the group chat for further details

By Joy

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