Nigeria’s crude oil and condensate production hit a high of three years and four months in January, rising to 1.737 million barrels per day during the period, and a major boost for the country’s projected N54.9 trillion revenues in the 2025 budget.
Although it fell short of the country’s forecast daily production of 2.06 million bpd for the year 2025, it was a major improvement on Nigeria’s total volume of oil pumped, which fell to as low as 1.1 million bpd in the last quarter of 2022.
The country’s new production data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) showed that since April 2021, when the country produced 1.74 million bpd, the country has not achieved the current peak.
Since 2020, after the COVID 19 pandemic, the country has struggled to meet its oil production target, blaming massive oil theft, unbridled vandalism of oil assets in the Niger ”elta and years of under-investment in the sector for the challenges.
Nigeria has oil benchmark prices of $75, $76.2, and $75.3 for the daily crude oil production of 2.06 million barrels, 2.10 million barrels, and 2.35 million barrels daily for the 2025-2027 fiscal years respectively.
According to the NUPRC data, production came mainly from Bonny (7.57 million barrels); Brass (1.050 million barrels); Qua Iboe (4.63 million barrels); Forcados (8.86 million barrels); Excravos (4.48 million barrels); Odudu (2.33 million barrels) and Tulja-Okwuibome (2.26 million barrels).
FROM: THISDAY
