According to a report by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigeria’s crude oil, blended and unblended condensate production in the first half of 2023 has reached 1.45 million barrels per day (bpd), marking the lowest output in four years.
Data from the regulatory body indicates a 27% decline in oil production from 2 million bpd in the first half of 2020. Further analysis reveals production figures of 2 million bpd in 2020, 1.7 million bpd in 2021, 1.47 million bpd in 2022, and 1.45 million bpd in 2023 during the first six months of those respective years.
Crude oil refers to the natural liquid extracted from the ground, while blended condensate is a mixture of natural gas liquids. Unblended condensate remains in its pure form after separation from raw natural gas.
Emmanuel Kelvin, CEO and co-founder of Dairyhill, emphasized the need for the government to address oil theft as a crucial step in attracting significant foreign investments for deep offshore explorations, in addition to unifying exchange rates. He highlighted a 27.5% decline in daily production levels for exports compared to 2020.
Joshua Olorunmaiye, team lead/executive associate of energy and natural resources at Bloomfield LP, attributed the production reduction primarily to oil theft and vandalism, as well as the question of whether investment in the oil and gas sector has been sufficient given the recent regulatory changes.
In June 2023, crude oil, blended and unblended, and condensate production experienced an increase, reaching 1.473 million barrels per day. Data from the regulatory body indicates a 3.14% rise from 1.42 million bpd in May and a 4.93% increase compared to 1.40 million bpd on a year-on-year basis.
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