KEY POINTS
- Nigeria’s oil production surpasses its OPEC quota of 1.5mbpd.
- NNPC clarifies discrepancies in oil output reporting periods.
- Stakeholders aim to boost production to 2mbpd by year-end.
The Nigerian National Petroleum Company Limited (NNPC) announced that Nigeria’s crude oil production has exceeded the 1.5 million barrels per day (mbpd) quota set by the Organisation of the Petroleum Exporting Countries (OPEC).
The clarification was issued by Olufemi Soneye, Chief Corporate Communications Officer of the NNPC, who emphasized that there was no discrepancy between production figures from the NNPC and the Nigerian Upstream Petroleum Regulatory Authority (NUPRC).
NNPC clarifies oil production figures amid OPEC quota concerns
According to Soneye, any perceived disparity in figures stemmed from differences in reporting periods. He explained that NNPC’s 1.8mbpd figure referred to October 2024’s peak production, while NUPRC’s 1.54mbpd figure reflected the average production for September 2024.
“The seeming disparity is as a result of the difference in the period of coverage in the reports,” Soneye noted.
This clarification aligns with statements made by NUPRC CEO Gbenga Komolafe during the 42nd Nigerian Association of Petroleum Explorationists (NAPE) Annual International Conference & Exhibition in Lagos. Komolafe, represented by Executive Commissioner Enorense Amadasu, confirmed that Nigeria’s crude oil production, including condensate, increased by 16.56% in October 2024 compared to September.
NUPRC confirms 16.56% rise in October crude oil output
At the NAPE event, Komolafe revealed that crude oil output rose by 253,710 barrels per day (bpd), reaching 1.8mbpd in October. This increase marks a significant improvement from September’s average production of 1.54mbpd.
“The NUPRC also confirmed at the NAPE event that the 1.8mbpd feat pushed Nigeria’s production beyond the 1.5mbpd quota of the Organisation of Petroleum Exporting Countries (OPEC),” Soneye reiterated.
However, checks by industry analysts show slight variations in daily production data. NUPRC statistics reveal that crude oil production without condensate averaged 1.324mbpd in September and 1.33mbpd in October. When condensate is included, September’s total was 1.544mbpd, while October’s total slightly dipped to 1.538mbpd—below the OPEC quota.
Soneye confirmed that NNPC is actively working with stakeholders to boost production beyond 2mbpd by the end of 2024.
While NNPC’s report highlights progress, it remains to be seen whether Nigeria will maintain the October production peak or achieve its November output goals to sustain compliance with OPEC expectations.
