According to the latest data released by the Nigerian Upstream Petroleum Regulatory Commission on Wednesday, Nigeria’s crude oil production surged to an unprecedented 1.35 million barrels per day in September 2023. This output marks the highest level the country has achieved so far this year.
The figures from the commission reveal that in September, Nigeria’s crude oil production, excluding condensates, reached precisely 1,346,562 barrels per day. This represented a significant 14% increase compared to the 1,181,133 barrels per day produced in August 2023.
A closer examination of the data from the NUPRC reveals that the country’s oil production figures for the earlier months of the year were as follows: 1,266,659 barrels per day in January, 1,292,240 barrels per day in February, and 1,266,737 barrels per day in March.
In April, May, June, and July, Nigeria produced 1,004,392bpd; 1,189,332bpd; 1,260,928bpd; and 1,089,089bpd respectively.
The above crude oil production figures therefore showed that Nigeria’s oil production in September was the highest output so far recorded by the country this year.
The Federal Government has been making concerted efforts to shore up the country’s oil production, which is far below the about 1.8 million barrels per day quota approved for Nigeria by the Organisation of Petroleum Exporting Countries.
In another development, the NUPRC said it was very optimistic that Exxon Mobil’s asset sale to Seplat Energy could move forward.
NUPRC’s Chief Executive, Gbenga Komolafe, disclosed this to Reuters on Wednesday on the sidelines of Africa Oil Week in Cape Town.
The regulator last year refused to approve the $1.28bn sale, 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.
