Nigeria is inching towards meeting its oil production targets as set by the Organization of Petroleum Exporting Countries (OPEC), with average crude oil production for April reaching 99 per cent of the 1.5 million barrels per day (bpd).
According to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigeria’s oil production rose by 6.06 per cent to 1,485,700 barrels per day (bpd) in April, up from 1,400,783 bpd in March.
This marks the first month-on-month growth in output. Including condensate, total oil production increased from 1.603 million bpd in March to 1.683 million bpd in April.
The NUPRC noted that the average crude oil production for April represents 99 per cent of the 1.5 million bpd quota set for Nigeria by the Organization of Petroleum Exporting Countries (OPEC).
The Commission reported that the daily average production in April was 1,683,307 barrels per day, comprising both crude oil (1,485,700 bopd) and condensate (197,607 bpd).
The lowest and peak combined crude oil and condensate production in April were 1.60 million bopd and 1.73 million bopd, respectively.
This increase in oil production is a positive development for Nigeria’s energy sector.
Mr. Bayo Ojulari, Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, (NNPCL) in an interview on Monday with BBC Hausa, noted the company’s commitment to ramping up production, saying that they will continue to drill oil in the Northern parts of the country.
The NUPRC’s efforts to boost oil production are further supported by recent investments. ExxonMobil has pledged to invest $1.5 billion in deep-water exploration and development, aiming to rejuvenate production in the Usan deepwater oil field.
This investment is expected to be executed between the second quarter of 2025 and 2027.