In a notable surge, Nigeria’s crude oil output reached an unprecedented high of 1.35 million barrels per day in September 2023, marking the country’s most substantial volume of crude oil production this year.
Recent data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) revealed that Nigeria’s oil production in September experienced a remarkable 14% increase compared to the preceding month of August 2023. The precise crude oil production figure for September, excluding condensates, stood at 1,346,562 barrels per day, reflecting a notable upswing from the 1,181,133 barrels per day recorded in August.
A detailed analysis of NUPRC data disclosed varying oil output figures in the earlier months of the year. In January, February, and March, Nigeria’s oil production averaged 1,266,659 barrels per day; 1,292,240 barrels per day; and 1,266,737 barrels per day, respectively. Subsequent months witnessed fluctuations, with April, May, June, and July recording production levels of 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.
September’s oil production figure stands out as the highest recorded output by Nigeria in 2023, signaling positive strides in the Federal Government’s endeavors to enhance the country’s oil production. Nigeria has been working to bolster its oil output, which currently falls below the approved quota of about 1.8 million barrels per day set by the Organization of Petroleum Exporting Countries (OPEC).
In a separate development, the NUPRC expressed optimism regarding the potential progress of Exxon Mobil’s asset sale to Seplat Energy. Gbenga Komolafe, the Chief Executive of NUPRC, conveyed this optimism on the sidelines of Africa Oil Week in Cape Town, noting that the regulator believes the involved parties will revisit the transaction in compliance with Nigerian laws, fostering the right conditions for the deal’s advancement. Last year, the regulator withheld approval for the $1.28 billion sale, a transaction viewed as instrumental in attracting essential investments into Nigeria’s oil and gas sector.