TheCable

Nigeria’s oil production increased to 1,248,960 barrels per day (bpd) in June 2023.

The country’s drilling performance is contained in the latest crude oil and condensate production data of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

According to the report, the current oil output represents a 5.51 percent increase compared to May 2023 when production was 1,183,691 barrels per day (bpd). 

The figure also signifies a second consecutive month-on-month increase, following a drop below 1 million bpd in April.

With the addition of condensate, oil output rose to a total of 1.48 million bpd in June 2023, from 1.42 million bpd in the previous month, according to the report. 

Condensate is a mixture of light liquid hydrocarbons, similar to a light (high API) crude oil — usually separated out of a natural gas stream at the point of production (field separation) when the temperature and pressure of the gas are dropped to atmospheric conditions.

Over the years, Nigeria’s oil production capacity has dwindled due to the country’s lingering oil theft — especially in the Niger Delta region. 

But the administration of President Bola Tinubu has vowed to put an end to the menace.

In its latest feat, the joint military task force, on Tuesday, intercepted an 800,000 litres capacity vessel with stolen crude oil in Ondo state. 

Meanwhile, the Nigerian National Petroleum Company (NNPC) Limited believes that in the year, Nigeria’s oil production may increase to 2.2 million barrels per day (bpd), including condensate.

According to a report by Hawilti and the Caverton Offshore Support Group Plc, Nigeria has equalled Angola as the largest oil drilling market in sub-Saharan Africa this year.