Nigeria’s oil production increased to 1,183,691 barrels per day (bpd) in May 2023.
The country’s drilling performance is contained in the latest crude oil and condensate production data of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The current output level represents an 18.53 percent rise compared to April 2023, when the yield was 998,602 bpd, according to the report.
It also marks a 15.55 percent growth from the corresponding period of 2022 when Nigeria recorded 1,024,371 bpd output.
With the addition of condensate, the NUPRC said oil production rose from 1.245 million bpd in April 2023, to 1.427 million bpd in May the same year.
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.
But despite the increase, the oil output of the country is still below the 1.74 million bpd quota of the Organisation of Petroleum Exporting Countries (OPEC).
Earlier in the month, OPEC and its allies (called OPEC+) decided to extend the recent voluntary cuts made by member states until the end of 2024.
The oil cartel also revealed plans to cut Nigeria’s production level to 1.38 million bpd, starting from January 2024.
According to the alliance, the decision was based on the country’s peak production in 2023.
However, OPEC said the figure could be reviewed to 1.57 million bpd, subject to verification.
Recently, the policy advisory council of President Bola Tinubu projected that the country’s oil production will increase to 1.8 million bpd by December 2024, 2.5 million bpd by May 2027, and 4 million bpd by 2030.
Source: Top Stories
