According to recent reports obtained from the Nigerian Upstream Petroleum Regulatory Commission, Nigeria’s crude oil output rose to an all-time high of 1.35 million barrels per day in September 2023. This is the highest volume of crude oil the country has produced so far this year. The latest figures also show that Nigeria’s output in September was about 14% higher than the production in the preceding month of August 2023.
The data from the commission indicated that Nigeria’s crude oil production, excluding condensates, was 1,346,562 barrels per day in September. This represents an increase of 165,429bpd when compared to the 1,181,133bpd produced in August this year.
Further analysis of the figures obtained from the NUPRC showed that Nigeria’s oil outputs in January, February, and March were 1,266,659bpd, 1,292,240bpd, and 1,266,737bpd, respectively. In the months of April, May, June, and July, Nigeria produced 1,004,392bpd, 1,189,332bpd, 1,260,928bpd, and 1,089,089bpd, respectively.
These crude oil production figures have shown that the country’s oil production in September was the highest output it has recorded so far this year. The Federal Government is putting in concerted efforts to increase the country’s oil production, which is far below the approved quota of about 1.8 million barrels per day by the Organisation of Petroleum Exporting Countries.
In other news, the NUPRC has expressed optimism that Exxon Mobil’s asset sale to Seplat Energy could move forward. Gbenga Komolafe, the regulator’s Chief Executive, disclosed this to Reuters on Wednesday on the sidelines of Africa Oil Week in Cape Town. The NUPRC refused to approve the $1.28bn sale last year, a deal some in the industry say was key to getting much-needed investment into Nigeria’s oil and gas sector.
“We are very optimistic that parties to the transaction will go back, look at the position of the regulator and come back by abiding by the provisions of Nigerian laws and the right thing will be done,” Komolafe stated.
