The Nigeria Upstream Petroleum Regulatory Commission (NUPRC) has revealed that the country produced 566.8 million barrels of crude oil and condensate in 2024. This figure, calculated from NUPRC’s Crude Oil and Condensate Production Report, shows the total output from January to December last year.
Highlights from the Report
- Highest Production in December:
December 2024 recorded the highest monthly production with 51.7 million barrels, broken down into:- 46 million barrels of crude oil
- 1.5 million barrels of blended condensate
- 4.1 million barrels of unblended condensate
- Lowest Production in April:
April had the lowest production for the year, with a total of 43.4 million barrels. - Daily Production Trends:
The highest daily production average occurred in November, with 1.69 million barrels per day (bpd). December followed closely with 1.67 million bpd.
Over the year, Nigeria’s average daily production including condensates was 1.64 million bpd, slightly below the 1.7 million bpd target in the 2024 budget.
Top Performing Oil Terminals
The report also highlighted the top oil terminals for 2024:
- Forcados Terminal: Produced 91.3 million barrels, making it the top-performing terminal.
- Bonny Terminal: Delivered 69.3 million barrels.
- Escravos Terminal: Produced 49.5 million barrels.
Challenges in Meeting Targets
Despite improvements in the second half of 2024, Nigeria’s oil production still fell short of its OPEC quota of 1.7 million bpd. When condensates are excluded, crude oil production averaged only 1.4 million bpd.
Government Plans for 2025
The Nigerian government, under President Bola Tinubu and the Ministry of State for Petroleum, has pledged to increase crude oil output by over 1 million barrels per day by the end of 2025. The target for 2025 has been set at 2.06 million bpd, reflecting the government’s commitment to improving production and revenue.
What This Means for Nigeria
Nigeria’s economy heavily relies on oil, making production levels critical for revenue generation and foreign exchange. Falling short of production targets can impact the government’s ability to fund infrastructure and social programmes. On the other hand, exceeding targets could boost economic stability and growth.
As the government works toward increasing production, efforts to tackle oil theft, improve operational efficiency, and enhance security in oil-producing regions will be crucial to achieving its goals.