According to the latest Data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigeria experienced a notable 13.6% drop in Oil Production during July 2023.
The average daily Production dwindled to 1.08 million barrels per day (mbpd) compared to the 1.25 mbpd recorded in June.
This decline is a significant setback for the Nigerian Government, which aimed to achieve a Production target of 1.69 mbpd as outlined in the 2023 budget.
Additionally, this Production figure falls considerably below the 1.7 mbpd quota allocated to the Country by the Organization of the Petroleum Exporting Countries (OPEC).
The NUPRC’s recent Data also revealed that the daily Production of blended and unblended condensate Oil in July reached 38,258 barrels and 174,509 barrels respectively.
It is worth noting that Condensate Oil Production is not subject to Nigeria’s OPEC Production quota.
In total, the daily average Oil Production for July stood at 1.29 mbpd, marking a significant 12.8% decrease compared to the overall daily average Production of 1.48 mbpd in June.
The Nigerian National Petroleum Corporation (NNPC) Limited had Initially projected that Oil Production would reach 1.8 mbpd by the fourth quarter of the year, as efforts to bolster Production outcomes begin to yield results.
Speaking during a Session at the recently concluded Nigeria Oil Gas Energy Week, the Executive Vice President of Upstream at NNPC Ltd, Engr. Adokiye Tombomieye disclosed this new Target.
He outlined that the aim is to first attain the 1.7 mbpd mark by the end of the third quarter.
Tombomieye elaborated that these new Production Targets would be realized through strategies such as asset Integrity, Production scale-up, well Interventions, new drilling Initiatives, alternative Crude Oil evacuation methods, and enhanced Security measures.
He emphasized that opportunities in the deepwater Sector hold potential, and NNPC Limited is actively Collaborating with Partners to secure final Investments for key major Projects, including the Bonga North field, which could Contribute 120,000 bpd to the National Production.
Tombomieye stressed that creating a conducive Investment climate is vital for achieving these Targets, and the revamped Structure of NNPC Limited ensures a fair playing field for Investors.
