Oil production in Nigeria experienced a significant decline in July 2023, with a drop of 13.6% compared to the previous month, according to the latest data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The average daily production for July was 1.08 million barrels per day (mbpd), down from 1.25 mbpd in June.
This decrease poses a challenge for the Nigerian government, which had set a target of 1.69 mbpd for oil production in the 2023 budget.
Furthermore, the July production figure falls well below the country’s OPEC quota of 1.7 mbpd.
Nigeria’s Oil Output Dips by 13.6% to 1.08mbpd in July 2023
Latest report from the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, indicates that Nigeria’s daily oil output in the month of July, 2023 plunged by 13.6% to average 1.08 million barrels per day [mbpd] compared to 1.25 million barrels per day [mbpd] that was produced in June.
The data also revealed that blended and unblended condensate oil production in July reached 38,258 barrels and 174,509 barrels, respectively. However, these condensate oil productions are not included in Nigeria’s OPEC production requirement.
In total, the daily average oil production for July was 1.29 mbpd, indicating a 12.8% decline compared to the total average daily production of 1.48 mbpd in June.
Efforts are being made to increase production, as the Nigerian National Petroleum Corporation (NNPC) aims to achieve 1.8 mbpd by the fourth quarter of the year.
Measures such as asset integrity, production ramp-up, well interventions, new drilling activities, alternative crude oil evacuation, and enhanced security architecture are being employed to reach this goal.
NUPRC’s Executive Vice President, Engr. Adokiye Tombomieye, emphasized the importance of creating a conducive investment climate to achieve these targets.
He highlighted various projects and initiatives that are expected to contribute to increased oil production, including the resumption of production in challenged areas, development of new fields, and deepwater exploration.”
