Nigeria’s crude oil and condensate production reached 1.53 million barrels per day (bpd) in July 2024, according to the latest data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The monthly report, seen by Nairametrics, detailed both crude oil and condensate production volumes for the month, highlighting a slight increase from previous figures.
Crude oil production saw an uptick, rising from 1.27 million bpd in June to 1.3 million bpd in July, aligning with earlier reports from the Organisation of Petroleum Exporting Countries (OPEC). Meanwhile, blended condensate production decreased marginally to 57,143 bpd in July from 58,842 bpd in June. However, unblended condensates increased to 169,898 bpd, up from 165,198 bpd the previous month.
In total, Nigeria’s oil output for July was 1,533,698 bpd, which includes 1,306,657 bpd of crude oil, 57,143 bpd of blended condensates, and 169,898 bpd of unblended condensates. Unlike OPEC’s data, which focuses solely on crude oil, the NUPRC report encompasses both crude and condensate production.
Condensates, light hydrocarbon liquids produced alongside natural gas, play a crucial role in improving the flow of heavier crude oil, making transportation through pipelines easier. This inclusion is vital to understanding Nigeria’s full oil production capacity.
Despite this increase in production, Nigeria’s oil sector continues to grapple with significant challenges, including insecurity, low investment, and the departure of international oil companies (IOCs). These issues have been further complicated by unresolved oil asset transfer approvals. Last month, the Nigerian National Petroleum Corporation Limited (NNPCL) announced renewed efforts to overcome these obstacles as crude oil output has stagnated over the past five months.
Credit: Nairametrics (Text Excluding Headline)
