Nigeria's August 2023 Oil Production Hits 1.4 Million BPD, NUPRC Reports

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) data shows that Nigeria produced a total of 1.4 million barrels of crude oil per day.

The August data released shows that oil production was 1,181,133 barrels per day, while blended condensate production amounts to 49,306 barrels per day and unblended condensate production amounts to 184,225 barrels per day, bringing August oil production to a total of 1,414,664 barrels per day.

This figure was far different from the July production, which was 1,303,428 barrels per day of both crude oil and condensate.

According to the data for the month of August, the crude oil terminals in the country saw an increase, while some decreased.

In August, Bonny produced a total of 2.3 million barrels per day, which was an increase from 2.3 million barrels in July 2023. On the other hand, Brass recorded 868,654 barrels per day, which decreased from 987,114 bpd in July.

Also, Qua Iboe produced 4.6 million bpd in August, which showed an increase from the 4.1 million bpd in July. Forcados also recorded 4.4 million bpd, compared to 3.2 million bpd in July.

While Escravos produced 4.7 million bpd in August, showing a decrease of 4.8 million bpd in July.

Other reviews on Nigeria's Oil production

Looking deep into oil production, Platts Survey reported that Nigeria's crude oil production for the month of August contributed to the boost in the nation's oil production from member countries of the Organization of Petroleum Exporting Countries (OPEC).

The survey also shows that crude oil production increased by 120,000 barrels per day. The rise can be attributed to output boosts from Iraq, Iran, and Nigeria.

With the cutbacks from Russia and Saudi Arabia, the recent output boosts from Nigeria, Iraq, and Iran will cover the decline.

What the NNPC said about the output boost

Speaking about the output boost, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited said that the country was now producing 1.67 million barrels per day, and he praised the President for putting in place policies that caused a boost to crude production.

He said,

• I was just checking the data for Wednesday for crude oil and condensate production, it is at 1.67 million barrels per day, this is substantial if you look at the situation where we were almost going below a million barrels per day about a year and some months ago and this is quite substantial.

• I also confirm that Mr. President has taken significant steps to de-bottleneck the industry in such a way that these resources can come into place. one of them is the tax reform.