Nigeria Crude Oil Production Surged 15% in 2023

The federal budget had projected crude oil production by the country at 1.88 million barrels per day in 2022.

SEATTLE (Oil Monster): Nigeria has ramped up its crude oil output during the initial quarter of the current year.

The average production, upon comparison with budget benchmark rose significantly from about 60% in H2 2022 to nearly 75% in Q1 2023. It must be noted that the country had lost roughly 40% of its output to oil theft and sabotage. The production recorded increase following strict measures undertaken by the government to thwart oil theft and vandalism in the Niger Delta.

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The federal budget had projected crude oil production by the country at 1.88 million barrels per day in 2022. However, the country under-produced over 277 million barrels during the entire year, thus resulting in an average production of 60%. The country has managed to produce 115 million barrels of crude in Q1 this year, raising the average to 75%, said the latest production statistics published by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

The monthly production totalled 39 million barrels, 36 .5 million barrels and 39.3 million barrels in the first three months of the year. Taking condensate production also into account, the production totalled 136.6 million barrels in the initial quarter of 2023. It must be noted that OPEC computation method excludes condensate output.