Nigeria’s crude oil output dips in October – NUPRC

The commission said Nigeria produced an average of 1.69 million barrels per day of crude oil and condensate in October.

Nigeria’s crude oil production declined slightly in October to an average of 1.69 million barrels per day (bpd), down from 1.72 million bpd recorded in September, according to the latest data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

“In strict crude oil terms (excluding condensate), Nigeria produced an average of 1.51 million barrels per day in October. This constitutes 101 per cent of the 1.5 million bpd set by OPEC,” the NUPRC said.

The commission noted that the latest figures indicate that Nigeria has met its Organisation of the Petroleum Exporting Countries (OPEC) crude oil production quota for six months in a row.

According to the data, Nigeria produced 1.53 million bpd in May, 1.55 million bpd in June, 1.51 million bpd in July, 1.5 million bpd in August, 1.53 million bpd in September and 1.51 million bpd in October.

“On a month-by-month basis, however, production dipped by 1.7 per cent,” the commission said.

The NUPRC attributed the relatively stable production performance in recent months to improved operational stability, higher production uptime and more efficient crude oil evacuation.

It said the production performance recorded in October reflects the continued commitment of operators and other industry stakeholders to improving operational efficiency, maintaining asset integrity and enhancing production reliability across Nigeria’s upstream petroleum sector.

A breakdown of daily average crude oil and condensate production by terminal and stream showed that Forcados Terminal led production in October, accounting for 318.49 thousand barrels per day (kbpd).

Bonny Terminal ranked second with 311.02 kbpd, followed by Qua Iboe Terminal, which reported an average production of 173.97 kbpd.

Escravos Oil Terminal posted a daily average of 134.67 kbpd, while Bonga ranked fifth, with an average production of 106.65 kbpd of crude oil and condensate.