The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reports that during January 2024 to March 2024, the country’s total production of crude oil and condensate decreased for three consecutive months.
The commission broke the news in its document tagged “Crude Oil and Condensate Production 2024.
According to the data that it released at the weekend, the country produced
1,539,609b/d of crude oil and condensate in February 2024.
NUPRC noted that in January 2024, Nigeria’s crude oil and condensate output was 1,643,671b/d.
For the March production, the commission explained that the country recorded 1,230,513b/d crude oil, 64,113b/d blended condensate, and 143,498b/d unblended condensate, totalling 1,438,129b/d.
The document noted that in the first quarter of 2024, Nigeria’s total crude oil and condensate production was 4,621,409b/d.
Meanwhile, the Minister of State for Petroleum Resource (Oil), Sen. Heineken Lokpobiri, on Friday blamed the crude oil production in the first quarter 2024 (Q1 2024) on challenges with the Trans Niger Pipeline and the maintenance that some oil companies carried out.
The explanation was contained in the statement by his Special Assistant, Media and Communications, Nneamaka Okafor, issues from Abuja.
According to the statement, Lokpobiri is intensifying efforts at restoring the production to previous level of 1.7million barrels per day and also exceed it.
The statement noted that “In response to recent concerns regarding a shortfall in oil production in Nigeria during the first quarter of 2024, the Minister of State for Petroleum Resource (oil), Sen. Heineken Lokpobiri, assures that measures are being taken to address the situation to, not only restore production to previous levels, but to also increase it.
“The minister clarifies that the reported production shortfall was primarily due to issues encountered on the Trans Niger Pipeline, coupled with maintenance activities carried out by some Oil companies operating in Nigeria.”
The Minister is also pleased to announce that the issues have been adequately addressed, and production is expected to return to its previous levels in the coming days.
He anticipates that Nigeria’s oil production, including condensate, which was approximately 1.7 million barrels per day (bpd) prior to these developments, will soon be restored.
Furthermore, the Ministry of Petroleum Resources is actively engaged in policy evolution aimed at maximizing the utilization of all available wells in Nigeria. This strategic approach will enable the country to ramp up production, thereby generating vital revenue to stabilize the nation’s foreign exchange reserves. The increased revenue will also empower the government to fulfill its commitments in providing essential infrastructure, as outlined in the 2024 budget.
The Minister further assured of renewed hope as Nigeria navigates through these challenges, while urging all to remain committed to ensuring the sustainability and growth of Nigeria’s oil sector, which plays a crucial role in driving the nation’s economy.