Nigeria’s Crude Oil Production Output Increases to 91,476 Bpd in January 2024

Recent data from the federal government of Nigeria revealed that the nation's oil output rose to 1,426,574 barrels a day in January 2024.

If these figures continue to increase, Nigeria will have more foreign exchange earnings because it depends solely on crude oil as its primary foreign exchange earner.

In the latest data, the Nigerian Upstream Petroleum Regulatory Commission, in collaboration with the FGN, revealed that the country's output increased to 91,476 bpd in January 2024, compared to 1,335,098 bpd in December last year.

Data from the NUPRC showed that with the addition of condensate, Nigeria's oil production rose to 1.64 million barrels/day in January 2024, up from the 1.55 million barrels/day recorded in December 2023.

Since last year, after OPEC versus Nigeria/Angola, the federal government has been making decisive efforts to ensure that the country's oil production has increased drastically. To do so, the government, in conjunction with security operatives, has been on its toes to break the stronghold of pipeline vandalism, oil leakage, illegal oil refineries, oil theft, and many more to improve the oil production quota that the Organisation approved of Petroleum Exporting Countries.

Mr Gbenga Komolafe, the Chief Executive of NUPRC, made this known on Tuesday in Lagos, where he stated the measures the commission has adopted to tackle challenges affecting the oil and gas sector and boost oil production further. 

He disclosed this while presenting a country address at the Petroleum Technology Association of Nigeria Sub-Saharan Africa International Petroleum Exhibition and Conference.

In his speech, made available to journalists in Abuja, Komolafe said Nigeria's oil production currently averages 1.586 million barrels/day, adding that this consists of 1.33 mbpd liquid production and 256,000 mbpd condensate oil production.

Komolafe said that some of the measures adopted by the commission include improved transparency in hydrocarbon measurement and accounting, collaborative work programme administration with the exploration and production companies, and close monitoring to ensure that they meet their work programme obligations.

Other measures include acceleration of field developments through timely approvals and ensuring speedy execution, production optimisation by providing wells tested periodically and produced at optimal rates, identifying candidate wells for work-over and interventions, and adopting enhanced oil recovery processes and technologies.

He said,

• The agenda for Nigeria and other resource-rich developing economies is that the evolving energy dynamics must be calibrated to ensure energy justice, equity, inclusivity, and sustainability.

• The new dynamics in the global energy arena necessitate that Nigeria and other countries, long dependent on exploiting oil and gas as the mainstay of their economies, re-examine their strategies to secure a blossoming energy future while meeting the global climate goals.

The NUPRC boss also added that aside from hydrocarbon resources, Nigeria also rely on many others; he said,

• Nigeria is blessed with potential for green and blue hydrogen, solar, wind, biomass, and critical minerals for developing clean energy technologies and a growing population predominated by young people.

• With a coastline along the Gulf of Guinea and a market size of more than 200 million people projected to reach between 390 million and 440 million people in 2050, Nigeria represents hope for Africa.

He told his audience that Nigeria intended to leverage its vast natural gas reserve to power its energy transition plan and grow its economy.

It was reported on Tuesday that Brent, a global benchmark for crude, increased to $83.19 per barrel, which signifies an increase of $1.19.