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Nigeria Still Far from OPEC Quota, Oil Production Hits 1.3 million bpd in February

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CEM REPORT, ENERGY | The nation’s crude oil production stood at an average of 1,306,304 million barrels per day as of the close of February 2023.

According to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) recently released crude oil production status report, the recorded production in February is an increase by 96.31% from 1,258,150 barrels per day recorded in January 2023.

While the recorded feat is a decline from the 1.6 million barrels per day average disclosed by the Nigerian National Petroleum Company (NNPC) Limited, at the privatization handover ceremony to a limited company oil company on February 17, 2023,

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The Group Chief Executive Officer, Mele Kyari, noted that was on its way to meeting its 1.8 million barrels per day of crude oil production quote from the Organization of Petroleum Exporting Countries (OPEC) in the next 3 months,

However, since the hand over to a new administration and a sharp decline in oil theft, the country is still far from meeting its OPEC quota.

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Although, Kyari already said the oil company plans to cut costs, implement goals of the petroleum industry act (PIA) to attract more investments amongst other goals, it pops the question if the NNPCL set goals are impeding the growth of the sector.

Further breakdown of the report reveals that the addition of blended condensates of 51,664 barrels per day, and unblended condensates of 189,751 barrels per day, add up to 1, 547,718 barrels per day.

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