Oil Production Hits 1.35million Barrels/Day, Highest In 2023

Nigeria’s crude oil output rose to an all-time high of 1.35 million barrels per day in September 2023, as the country pumped its highest volume of crude oil so far since this year.

Latest figures obtained from the Nigerian Upstream Petroleum Regulatory Commission, showed that the country’s output in September was about 14 per cent higher than what it pumped in the preceding month of August 2023.

Data from the commission indicated that in September, Nigeria’s crude oil production (excluding condensates) was precisely 1,346,562 barrels per day, which was a 165,429bpd increase when compared to the 1,181,133bpd produced in August this year.

Further analysis of figures obtained from the NUPRC indicated that in January, February and March, the country’s oil outputs were 1,266,659bpd; 1,292,240bpd; and 1,266,737bpd respectively.

In the months of 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 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.

Olusola Akintonde/Punch