CEM REPORT, ENERGY | Nigeria has recorded its first decline in crude oil production output for the year 2023, producing only 1.26 million barrels per day of crude oil production in March 2023.
A report by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) stated that in the review month, the nation produced 63,756 blended condensates and 185,469 unblended condensates, making a total of 1,517,426 for the period highlighted.
However, a recent report by Reuters indicated that Nigeria contributed to the recent increase in crude oil production of the Organization of Petroleum Exporting Countries (OPEC).
On the other hand, Angola and Iraq recorded combined output losses of over 100,000 barrels per day.
The decline can be attributed to the battling maintenance costs as majors like TotalEnergies, and Equinor has divested some of their investments and exited some fields, leaving local operators who may struggle with the availability of funds for major exploration and production.
Also, Nigeria battles security, political and economic risks on various levels, additionally, international oil companies who have the funding capacity are investing in new frontiers in other African oil producers.