Nigeria’s oil production has witnessed a significant boost, with output excluding condensate increasing by 6.3% year-on-year to 1.507 million barrels per day in December 2024.
This growth is a testament to the country’s efforts to ramp up production and meet its OPEC quota.
According to the Organisation of Petroleum Exporting Countries (OPEC), Nigeria’s oil output, excluding condensate, also rose by 2% month-on-month to 1.507 million bpd in December 2024, from 1.477 million bpd in November 2024.
This increase has positioned Nigeria as the highest crude oil producer in Africa, with Sudan being the lowest at 27,000 bpd.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reported that the country’s daily average oil output, including condensate, rose by 7.38% year-on-year to 1.667 million bpd in December 2024.
However, on a month-on-month basis, daily average oil output declined by 1.35% from 1.690 million bpd in November 2024 to 1.667 million bpd.
The NUPRC has set an ambitious target of producing at least 2.1 million barrels of oil per day (MBOPD) by 2025. To achieve this goal, the Commission is working to boost upstream activities and enhance the country’s crude oil production capacity.
The resurrection of Nigeria’s refineries is also expected to play a crucial role in increasing the country’s oil production and reducing its reliance on imported petroleum products.
The Minister of State Petroleum Resources (Oil), Sen. Heineken Lokpobiri, attributed the growth in oil production to the Presidential directive to ramp up oil production to a sustainable level.
He noted that the country has made significant strides in attracting foreign investments, strengthening institutional frameworks, and driving transformation in the oil sector.
As Nigeria continues to make progress in its oil production, it is essential to ensure that the growth is sustainable and benefits the country’s economy and citizens.
With the NUPRC’s target of producing 2.1 million MBOPD by 2025, Nigeria is poised to become a more competitive player in the global oil and gas industry.
Author
Leave a comment