OPEC puts Nigeria’s oil output at 1.5m bpd, excluding condensate

THE Organisation of Petroleum Exporting Countries, OPEC, said Nigeria’s oil output, excluding Condensate increased month-on-month, MoM, to 1.5 million barrels per day, bpd, in November 2024, from 1.3 million bpd in October 2024, indicating an increase of 15.3 per cent.

This was even as the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, puts the nation’s oil output, including Condensate at 1.7 million bpd.

But on year-on-year, YoY basis, OPEC disclosed that Nigeria produced 1.5 million bpd in November 2024, from 1.3 million bpd in the corresponding period of 2023, showing an increase of 15.3 per cent.

The Organization, which disclosed this in its December 2024 Monthly Oil Market Report, said the assessment of the nation’s oil output was based on data obtained from direct communication.

Based on the current output of 1.5 million bpd and 268,000 bpd, Nigeria and Congo remain the leading and least African producer, respectively.

However, in its December 2024 Oil Production Output Report, the NUPRC disclosed that the nation’s oil output, including Condensate increased on YoY basis, by 13.3 per cent to 1.7 million barrels per day, bpd, in November 2024, from 1.5 million bpd recorded in the corresponding period of 2023.

Also, on MoM basis, it maintained that the nation’s output rose by 10 per cent increase to 1.7 million barrels per day, bpd, in November 2024, from 1.5 million bpd in October 2024.

An expert that pleaded to be anonymous said if the high output is sustained the 2025 budget would be positively impacted, which was based on 1.7 million bpd and $75 per barrel, respectively.

However, speaking during the third anniversary of NUPRC, the Commission Chief Executive, Engr. Gbenga Komolafe, raised hope on increased oil production, adding, “We have maintained a healthy Reserves to Production ratio which is key to ensuring the long-term sustainability of Nigeria’s energy resources, with due cognisance to global energy dynamics.

“To this end, we are confident that the ongoing activities of Petroleum Prospecting License Awardees and the Licensing Rounds will further boost Nigeria’s position and unlock additional opportunities for resource valorisation.

“Our efforts are yielding satisfactory results as evidenced by the level of upstream activities within the past year. The industry has witnessed a notable increase in rig activities, well intervention, and field developments, signaling a positive trend to boost production. This uptick reflects both the impact of regulatory reforms driven by the Commission and a renewed focus on maximizing the potential of our oil and gas assets.”