Oil rigs Nigeria is producing far less oil than it did 25 years ago when the estimated population was much less than what it is today and government spending was far below what it is in 2022, a THISDAY’s analysis has revealed. A comparison of the country’s average oil production per day in 1997, as indicated in the Nigerian National Petroleum Corporation (NNPC) yearly statistical bulletin, showed that while Nigeria pumped 2.344 million barrels per day, plus condensates over two and a half decades ago, it can hardly produce 1.4 million as of this year. This could however rise to 1.7 million barrels per day if the current condensate production of about 300,000 barrels to 400,000 barrels are added to the between 1.3 million to 1.4 bpd currently being pumped. Furthermore, while 26 rigs were in operation, on both onshore and offshore terrains, in 1997, Nigeria at present has […]