KEY POINTS
- Nigeria’s crude output shows 226,000 bpd discrepancy.
- Nigeria’s NCDMB highlights pipeline vandalism and crude theft as critical threats to energy security.
- Nigeria remains Africa’s top oil producer, but investment challenges persist.
Nigeria’s crude oil output stood at 1.434 million barrels per day (bpd) in October 2024, highlighting a discrepancy with the Federal Government’s figure of 1.8 million bpd, which includes condensate output, according to the Organization of Petroleum Exporting Countries (OPEC) report.
Excluding condensates—typically around 250,000 bpd—the government’s figures suggest crude production is closer to 1.55 million bpd.
OPEC’s data discrepancy highlights Nigeria’s production challenges
OPEC, however, bases its numbers on secondary sources, while data gathered from direct sources further adjusted Nigeria’s production down to 1.333 million bpd for October, a slight 0.6 percent increase over September’s 1.324 million bpd.
The discrepancy of around 226,000 bpd underscores ongoing challenges in aligning official figures.
Despite this difference, Nigeria remains OPEC’s top producer in Africa, with Libya and Congo also showing increased production, while Sudan recorded the lowest output among African OPEC members, at 28,000 bpd.
Pipeline vandalism and investment hurdles threaten energy security
At the Nigerian Association of Petroleum Explorationists (NAPE) conference, Engr. Felix Omatsola Ogbe, Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), highlighted pipeline vandalism and crude theft as key risks to Nigeria’s energy security. These issues, he noted, impede sustainable growth and make robust security strategies essential.
Ogbe emphasized the importance of new oil and gas projects, revealing that NCDMB aims to dedicate a week each year to fast-tracking Final Investment Decisions (FIDs) to meet targets for project commencement and regulatory efficiency. This initiative aligns with the Presidential Directives from March 2024, which seek to streamline Nigeria’s contracting cycle and incentivize oil sector investments.
