Business
Oil Production Falls By 13.6% – NUPRC
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said the country’s oil production in July 2023 fell by 13.6 percent.
This rate also indicates a fall to an average of 1.08 million barrels per day compared to 1.25mbpd recorded in June, as indicated by the latest production data from the Petroleum Regulatory Commission.
The latest production figure, according to the production data, is a major setback for the government which has a production target of 1.69 million barrels per day in the 2023 budget.
The volume of production is also significantly lower than the 1.7 million barrels per day quota allocated to the country by the Organisation of Petroleum Exporting Countries (OPEC).
The NUPRC data obtained at the weekend also showed that blended and unblended condensate oil daily production in July were 38,258 barrels and 174,509 barrels respectively. Condensate oil productions are not part of Nigeria’s OPEC production quota.
In total, daily average oil production in July was 1.29 million barrels per day, a 12.8 percent drop when compared to total average daily production of 1.48 million barrels in June.
The Nigerian National Petroleum Corporation (NNPC) Limited had projected oil production to hit 1.8 million barrels per day (mbpd) by the fourth quarter of this year, as measures put in place to boost production begin to yield results.
In the recently concluded Nigeria Oil Gas Energy Week, the Executive Vice President, Upstream, NNPC Ltd, Engr. Adokiye Tombomieye, said the target is to first hit the 1.7mbpd mark at the end of the third quarter.
He noted that upstream opportunities exist in the deep water space, explaining that NNPC Limited was working with its partners to achieve final investments on key major projects including the Bonga North field that would add 120,000bpd to national production.
By: Corlins Walter
Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
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