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Nigeria’s oil production increase by 1.23m bpd

The nation’s crude oil production increased in December 2022 to an average of 1.23 million barrels per day (bpd) from 1.18 million bpd in the previous month.

The figure is 4.19 percent or 49,713 bpd higher compared to the November 2022 production figure of 1.18bpd.

This shows that the figure represents the highest output since March 2022 when the country’s production averaged 1.24 bpd.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in its latest crude oil and condensate production data for December 2022, revealed that With the addition of condensate, oil production totaled 1.413 million bpd in December—down from 1.414 million in November.

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.

The Minister of State for petroleum, Timipre Sylva, had earlier attributed the improvements in production in the last quarter of 2022 to collaborative efforts between security agencies and the government.

“We were here a few months ago with a charge and mandate from President Buhari to ensure complete eradication of oil theft in the Niger Delta, since then, we have seen a significant improvement, because the military and other security outfits took the mandate of the president very seriously.” Timipre Sylva stated.

The Minister gave assurance that Nigeria should be able to meet the production quota set by OPEC in May 2023.

Writing by Julian Osamoto; editing by Adeniyi Bakare