Nigeria’s Marginal Oilfields Crude Production Drops To 1.52mb In 7 Months
The Nigerian National Petroleum Corporation (NNPC) has said that marginal oil fields in Nigeria produced 1.52 million barrels of crude oil and condensates in August 2020.
This accounts for about 2.97% of the country’s total oil and condensates production of 51.147 million barrels in the month under review. Marginal oil fields were created exclusively to drive local content and indigenous participation in the nation’s upstream oil industry.
A marginal field is any field that has reserves booked and reported annually to the Department of Petroleum Resources and has remained unproduced for a period of over 10 years. In its crude oil production report for August 2020, which was released last weekend, NNPC said that the 1.52 million barrels of crude oil produced in August was 14.61% lower than the 1.78 million barrels produced in the previous month of July.
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