Nigeria’s oil production dipped further in March to 1.43 million barrels per day, according to oil production data released by Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
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The data seen by Investogist shows that crude oil production stood at 1.23 million barrels of oil per day (Bopd), while blended condensate and unblended condensate were 55,345 Bopd and 162,056 Bopd respectively.
This is the second consecutive month of oil production decline in 2024, following decline in February. The country produced 1.64 million barrels per day in January, dropped to 1.53 million in February and 1.43 million in March.
The production volume is significantly lower than the 1.78 million barrels per day contained in the 2024 budget.
Minister of State Petroleum Resources (Oil), Senator Heineken Lokpobiri has explained that drop in oil production in the months of February and March, 2024 was caused by issues encountered on the Trans Niger Pipeline, coupled with maintenance activities carried out by some oil companies operating in the country.
Lokpobiri in a statement by his media aide, Nnemaka Okafor assured that measures were being taken to address the situation to, “not only restore production to previous levels, but to also increase it”.
“The Minister is also pleased to announce that the issues have been adequately addressed, and production is expected to return to its previous levels in the coming days.
“He anticipates that Nigeria’s oil production, including condensate, which was approximately 1.7 million barrels per day (bpd) prior to these developments, will soon be restored.
“Furthermore, the Ministry of Petroleum Resources is actively engaged in policy evolution aimed at maximizing the utilization of all available wells in Nigeria. This strategic approach will enable the country to ramp up production, thereby generating vital revenue to stabilize the nation’s foreign exchange reserves. The increased revenue will also empower the government to fulfill its commitments in providing essential infrastructure, as outlined in the 2024 budget”, the statement added.
Monthly Oil Market Report for April 2024 by the Organization of the Petroleum Exporting Countries showed that the total OPEC-12 crude oil production averaged 26.60 million barrels per day in March 2024.
Crude oil output increased in Islamic Republic of Iran, Saudi Arabia, Gabon, Congo, Equatorial Guinea and Kuwait, while production in Nigeria, Iraq, UAE, Libya and Venezuela decreased.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
