Nigeria’s oil production has increased to 1,485,700 barrels per day (bpd) in April, marking a 6.06% rise compared to March’s yield of 1,400,783 bpd.
According to the Nigerian Upstream Petroleum Regulatory Authority (NUPRC) latest crude oil and condensate production data, this represents the first month-on-month output growth.
With the addition of condensate, oil production rose from 1.603 million bpd in March to 1.683 million bpd in April.
The NUPRC noted that the average crude oil production for April represents 99% of the 1.5 million bpd quota set for Nigeria by the Organization of Petroleum Exporting Countries (OPEC).
The commission reported that the daily average production in April was 1,683,307 barrels per day, comprising both crude oil (1,485,700 bopd) and condensate (197,607 bpd).
The lowest and peak combined crude oil and condensate production in April were 1.60 million bopd and 1.73 million bopd, respectively.
This increase in oil production is a positive development for Nigeria’s energy sector.
Mr. Bayo Ojulari, Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, (NNPCL) in an interview on Monday with BBC Hausa, noted the company’s commitment to ramping up production, saying that they will continue to drill oil in the Northern parts of the country.
The NUPRC’s efforts to boost oil production are further supported by recent investments. ExxonMobil has pledged to invest $1.5 billion in deep-water exploration and development, aiming to rejuvenate production in the Usan deepwater oil field.This investment is expected to be executed between the second quarter of 2025 and 2027.
Leave a comment