Nigeria’s oil production increased to 1,426,574 barrels per day in January 2024.
The country’s drilling performance was published in the latest crude oil and condensate production data of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The figure represents the highest production level since March 2021 when output was 1,428,613 bpd.
According to the NUPRC data, output rose by 91,476 bpd in Januay 2024 — a 6.85 percent increase compared to the production figure of 1,335,098 bpd in December 2023.
With the addition of condensate, the commission said, Nigeria’s oil production rose to 1.64 million bpd in January 2024 — from 1.55 million bpd in December 2023.
Condensate is a mixture of light liquid hydrocarbons, similar to a light (high API) crude oil.
It is usually separated from a natural gas stream at the point of production (field separation) when the temperature and pressure of the gas are dropped to atmospheric conditions.
As the country’s latest oil production improved significantly, it also edged towards the 1.5 million bpd output quota set by the Organisation of Petroleum Exporting Countries (OPEC).
However, it is below the daily oil production benchmark of 1.78 million barrels in Nigeria’s 2024 budget.
Heineken Lokpobiri, minister of state petroleum resources (oil), had said Nigeria will achieve the 2024 crude oil production benchmark.
As a government, he said the ministry is willing to sustain engagements with the stakeholders to achieve the feat.
Source- The Cable Newspaper.