Nigeria’s crude oil production witnessed a decline to 1.4 million barrels per day in November 2023, according to data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The report highlights a production figure of 1,466,185 barrels per day, including condensate production.
Breaking down the data without the addition of condensates, the breakdown is as follows:
– Crude oil: 1,250,299 barrels per day
– Blended condensate: 49,457 barrels per day
– Unblended condensate: 166,429 barrels per day
It’s worth noting that in September and October, Nigeria recorded its highest average production figures for the year, exceeding 1.5 million barrels per day.
During the recent OPEC meeting, Nigeria advocated for an increase in its crude oil production quota from the proposed 1.38 million barrels per day to 1.5 million barrels per day for the year 2024. The country, facing challenges such as crude oil theft and a lack of upstream crude oil investments, had difficulty meeting the 2023 production quota of 1.78 million barrels per day.
In November 2023, Nigeria secured a quota of 1.5 million barrels per day for 2024. However, the 2024 budget appropriation bill indicates a target crude oil production quota of 1.78 million barrels per day.
The NUPRC data for November 2023 reveals varying production levels at key terminals. Bonny Terminal experienced a 21.7% decrease, producing 3,573,540 barrels, while Forcados Terminal’s production dipped by approximately 15.4% to 6,720,296 barrels. Escravos Terminal also saw a decline of roughly 8.1%, producing 3,890,073 barrels.
On the positive side, Brass Terminal reported a substantial increase of about 32.2% in crude oil production, reaching 778,085 barrels in November. Qua Iboe Terminal witnessed a marginal uptick of 0.4%, producing 4,638,503 barrels.
As Nigeria grapples with fluctuating production figures, these developments underscore the challenges faced by the nation’s oil industry and the efforts required to meet both domestic demands and international commitments. Stakeholders will closely monitor how the country navigates these complexities in the coming months.
