Nigeria — In September 2023, Nigeria achieved a remarkable milestone by reaching a record high in crude oil production, with an output of 1.35 million barrels per day. This marks the country’s highest volume of crude oil production for the year. Data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) revealed that Nigeria’s crude oil production in September stood at 1,346,562 barrels per day, marking a substantial 14% increase compared to the preceding month of August 2023 when the production was 1,181,133 barrels per day.
A deeper analysis of the data from NUPRC disclosed that Nigeria’s oil production for the months of January, February, and March was 1,266,659 barrels per day, 1,292,240 barrels per day, and 1,266,737 barrels per day, respectively. In the subsequent months of April, May, June, and July, Nigeria’s oil production figures were 1,004,392 barrels per day, 1,189,332 barrels per day, 1,260,928 barrels per day, and 1,089,089 barrels per day, respectively.
The data illustrates that the oil production in September stands as the highest output recorded by Nigeria in the year 2023. The Nigerian government has been actively working to boost the country’s oil production, which has fallen short of the 1.8 million barrels per day quota approved for Nigeria by the Organization of Petroleum Exporting Countries (OPEC).
In a separate development, the NUPRC expressed optimism about the progress of Exxon Mobil’s asset sale to Seplat Energy. The Chief Executive of NUPRC, Gbenga Komolafe, conveyed this optimism during an event at Africa Oil Week in Cape Town.It’s worth noting that the regulator had previously declined to approve the $1.28 billion sale, a deal seen as crucial for attracting essential investments into Nigeria’s oil and gas sector.
Komolafe stated, “We are very optimistic that parties involved in the transaction will revisit the regulator’s position, adhere to Nigerian laws, and ensure the right procedures are followed.” Nigeria’s recent surge in oil production is a promising sign for the nation’s economy and its efforts to maximize its oil resources efficiently. Additionally, the resolution of the ExxonMobil asset sale could bring about much-needed investments, further bolstering the country’s energy sector.
As Nigeria continues to enhance its oil production capabilities, the increased output is not only beneficial for its economic growth but also serves as a testament to the nation’s capacity to optimize its rich oil reserves. This positive trajectory is anticipated to contribute to Nigeria’s energy self-sufficiency and bolster its standing in the global energy market.
Source: [Punch]
