• Tuesday, June 25, 2024
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Crude oil production hits 1.57million bpd, highest so far in 2023

Oil glut on horizon as non-OPEC supply surges, IEA warns

Nigeria’s crude oil, “blended and unblended and condensate” output rose to 1.572 million barrels per day in September, indicating the highest production level so far in the year, according to a new report by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

Data from the upstream regulatory body shows that the country’s oil production increased by 11.4 percent from 1.41 million bpd in August.

On average, crude oil production for the month was 1.35 mbpd. While blended and unblended condensate was 50,732 and 175,022 bpd respectively.

Crude oil is a natural liquid extracted from the ground. Blended condensate is created by mixing natural gas liquids, while unblended condensate remains pure without any mixing or processing after separation from raw natural gas.

Read also Crude oil price hits $97/barrel, highest so far in 2023

According to Etulan Adu, an oil and gas production engineer, “the ongoing efforts by regulatory, government security agencies, and private security firms in curbing pipeline vandalism and oil theft are paying off for the improved oil production figures when compared to the previous year.”

He further stated that Nigeria should anticipate a significant increase in achieving its current Organization of the Petroleum Exporting Countries (OPEC) quota provided the current drive is maintained and loopholes are closed from the entire industry.

“The government promised to hit a target of 1.8 million bpd, but that will only be accomplished through the right action and investment in improving the entire pipeline architecture and upstream activities,” he added.