Business

February 14, 2024

Nigeria’s oil output rises further by 6.9% to 1.43m bpd — OPEC

Nigeria’s oil output rises further by 6.9% to 1.43m bpd — OPEC

•Nation remains highest African producer

•NUPRC highlights measures to boost production

By Udeme Akpan, Energy Editor &  Obas Esiedesa

Nigeria’s oil output has risen month-on-month, MoM to 1.43 million barrels per day, bpd in January 2024, from 1.34 million bpd recorded in December 2023, indicating an increase of 6.9 per cent.

But on year-on- year, YoY, the nation’s output rose by 15.6 per cent to 1.43 million bpd in January 2024, from 1.23 million bpd recorded in the corresponding period of 2023.

The output excludes condensate, a light crude, which Nigeria has the capacity to produce between 300,000 bpd and 400,000 bpd, according to the Monthly Oil Market Reports, MOMRs of the Organisation of Petroleum Exporting Countries, OPEC, obtained by Vanguard.

The increase in output  was attributed to some factors, especially the nation’s successful battle against oil theft, thus making Nigeria the highest African producer while Equatorial Guinea comes last with 54,000 bpd.

Checks by Vanguard confirmed that the nation’s 1.7 million bpd and $77 per barrel 2024 budget benchmark will likely be met if the current tempo is sustained in the coming months.

Meanwhile the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, has said that it has adopted measures that would tackle challenges facing the oil and gas sector and boost production in the country.

Chief Executive Officer of the Commission, Engr. Gbenga Komolafe who disclosed this yesterday in Lagos while presenting a country address at the  Petroleum Technology Association of Nigeria (PETAN) Sub-Saharan Africa International Petroleum Exhibition and Conference, said Nigeria’s oil production currently averages 1.586 million barrels per day made up of 1.33mbpd liquid production and 256,000 condensate oil production.

Komolafe explained that measures adopted by the Commission include improved transparency in hydrocarbon measurement and accounting, collaborative work programme administration with the exploration & production companies, and close monitoring to ensure that they meet their work programme obligations.

Others are acceleration of field developments through timely approvals and ensuring speedy execution, production optimisation by ensuring wells are tested periodically and produced at optimal rates, identifying candidate wells for work-over and interventions as well as the adoption of Enhanced Oil Recovery processes and technologies.