TheCable

Nigeria’s oil output fell to 1,081,396 barrels per day (bpd) in July 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).

This is the third decline since April when it dropped below 1 million bpd.

According to NUPRC data, output fell by 167,564 bpd in July — a 15.5 percent decrease compared to 1,248,960 bpd produced in June 2023.

The commission said with the addition of condensate, Nigeria’s oil production fell to 33.5 million bpd in July from June’s 37.5 million.

Condensate is a mixture of light liquid hydrocarbons, similar to a light (high API) crude oil. It is 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.

Earlier this month, the Organisation of the Petroleum Exporting Countries (OPEC) said Nigeria’s oil production decline made the West African giant the third largest producer in Africa.

On August 16, the Nigerian National Petroleum Corporation (NNPC) Limited secured a $3 billion emergency crude repayment loan from the African Export-Import Bank (Afreximbank).

The national oil company said the crude-for-cash funding would sustain the naira and stabilise the foreign exchange market which has witnessed significant volatility in recent weeks.