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