Kehinde Fajobi
Nigeria’s crude oil production, including condensates, rose to 1.7 million barrels per day (bpd) in November 2024, marking a 13.3 per cent increase year-on-year compared to 1.5 million bpd recorded in November 2023.
The latest data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) also revealed a month-on-month increase of 10 per cent, with output climbing from 1.5 million bpd in October 2024.
The report highlighted November’s production as the highest recorded in 2024.
The NUPRC’s Nigeria Oil Production Output Report, released yesterday, showed that output stood at 1.6 million bpd in January 2024 before dipping to 1.5 million bpd mid-year, eventually rebounding to the current figure.
Energy experts described the increase as a positive sign for Nigeria’s 2025 budget, which is predicated on a production target of 1.7 million bpd and an oil price benchmark of $75 per barrel.
Meanwhile, global oil prices fell yesterday amid easing concerns over regional instability following the overthrow of Syrian President Bashar al-Assad.
Brent crude, the international oil benchmark, declined by 0.11 per cent to $72.06 per barrel, while US West Texas Intermediate crude dropped by 0.20 per cent to $68.23.
A Reuters report noted that although Syria is not a major oil producer, its strategic location and ties with Russia and Iran raise concerns about regional stability following regime changes.
Experts also anticipate further increases in Nigeria’s oil output in the coming years, following the completion of asset transfers from ExxonMobil to Seplat Energy Plc.
The NUPRC recently approved Seplat Energy’s acquisition of ExxonMobil’s onshore oil and gas assets, a development expected to boost production.
In October 2024, the NUPRC confirmed that Nigeria’s oil output, including condensates, had reached 1.8 million bpd, surpassing the country’s production quota set by the Organisation of Petroleum Exporting Countries (OPEC).