Nigeria’s Crude Oil Production Climbs By 6.9% To 1.43m bpd

Nigeria’s Crude Oil Production Climbs By 6.9% To 1.43m bpd....KINDLY READ THE FULL STORY HERE▶

OPEC Angola’s Exit from OPEC Leads to Decrease in Crude Prices • Nation Maintains Position as Top African Producer

• NUPRC Outlines Strategies to Enhance Output….READ ALSO

Nigeria’s oil production witnessed a notable increase month-on-month (MoM), reaching 1.43 million barrels per day (bpd) in January 2024, up from 1.34 million bpd recorded in December 2023, marking a rise of 6.9%.

However, on a year-on-year (YoY) basis, the nation’s output surged by 15.6% to 1.43 million bpd in January 2024, compared to 1.23 million bpd reported in the corresponding period of 2023.

According to data from the Monthly Oil Market Reports (MOMRs) of the Organization of Petroleum Exporting Countries (OPEC), Nigeria’s reported output excludes condensate, a type of light crude, with a production capacity ranging between 300,000 bpd and 400,000 bpd.

The uptick in production is attributed to various factors, including Nigeria’s successful efforts to combat oil theft, positioning the country as the top oil producer in Africa, while Equatorial Guinea ranks lowest with 54,000 bpd.

Vanguard’s investigations confirm that Nigeria’s projected output of 1.7 million bpd and a budget benchmark of $77 per barrel for 2024 are likely to be achieved if the current momentum persists in the upcoming months.

Meanwhile, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the adoption of measures aimed at addressing challenges in the oil and gas sector and bolstering production in the nation.

Engr. Gbenga Komolafe, the Chief Executive Officer of the Commission, revealed this during a presentation at the Petroleum Technology Association of Nigeria (PETAN) Sub-Saharan Africa International Petroleum Exhibition and Conference held in Lagos. Komolafe highlighted that Nigeria’s current oil production averages 1.586 million barrels per day, comprising 1.33mbpd of liquid production and 256,000 bpd of condensate oil production.

The measures implemented by the Commission include enhancing transparency in hydrocarbon measurement and accounting, collaborating with exploration and production companies to administer work programs, and closely monitoring their compliance with work program obligations.

Additionally, the Commission focuses on accelerating field developments through prompt approvals and ensuring efficient execution, optimizing production by conducting periodic well tests and maintaining optimal production rates, identifying wells for work-over and interventions, and adopting Enhanced Oil Recovery processes and technologies.