Nigeria’s oil production in October surpassed 1 million barrels per day, a feat that has not been achieved since July, OduNews reports.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) disclosed this in its latest crude oil and condensate production data for October 2022.
According to the report, the production increase is more than 8.18 per cent compared to September’s production at 937,766 million barrels a day.
Despite the increase, the production figure is lower than the 1.8 million BPD production quota set by the Organisation of Petroleum Exporting Countries (OPEC).
With the addition of condensate, oil output rose to a total of 1.23 million BPD from 1.14 million in September, according to the report.
Condensate is a mixture of light liquid hydrocarbons, similar to a light (high API) crude oil — usually separated from a natural gas stream at the point of production (field separation) when the temperature and pressure of the gas are dropped to atmospheric conditions.
In January, February, March, April, and May, the country’s crude oil production averaged 1.39 million BPD, 1.25 million BPD, 1.24 million BPD, 1.22 million BPD, and 1.02 million BPD, respectively.
Crude oil production averaged 1.16 million BPD in June, 1.08 million BPD in August and 972,394 BPD in August.
Gbenga Komolafe, NUPRC’s chief executive officer (CEO), said the volume would be achieved by getting about 40 to 50 per cent of the shut-in deliverables.
“So, our projection is that we can hit over two million barrels and surpass our OPEC (Organisation of Petroleum Exporting Countries) quota,” he added.
