•FG fails to meet 2.06m bpd budget target
•Meets 1.5m bpd OPEC quota
Nigeria’s oil output, including condensate, increased month-on-month, MoM, by 4 per cent to 1.737 million bpd in January 2025, from 1.667 million bpd recorded in the preceding month of December 2024.
But on year-on-year, YoY basis, the nation’s oil output, including condensate, increased by 5.7 per cent to 1.737 million bpd in January 2025, from 1.643 million bpd in January 2024, according to the Nigerian Upstream Petroleum Regulatory Commission, NUPRC.
In its latest report – Crude Oil and Condensate Production – obtained by Vanguard, yesterday, NUPRC, stated: “Lowest and Peak Production in January were 1.66 million bopd and 1.79 million bopd respectively. The average crude oil production was 103% of OPEC quota (1.5 mbpd)
“The daily average production in January was 1,737,480 barrels per day, comprising of both Crude oil (1,538,697 bopd) and condensate (198,783 bopd).”
This indicates that Nigeria was able to meet the Organisation of Petroleum Exporting Countries (OPEC) target of 1.5 million, but unable to meet the 2.06 million bpd, which is also based on $75 per barrel.
However, in its just-released February 2025 Monthly Oil Market Report (MOMR), obtained by Vanguard, the organization disclosed Nigeria’s oil output, excluding condensate, increased MoM, by 6.3 per cent to 1.539 million bpd in January 2025, from 1.485 million bpd recorded in the preceding month of December 2024.
But on YoY basis, the nation’s oil output, excluding condensate, increased by 7.8 per cent to 1.539 million bpd in January 2025, from 1.427 million bpd in January 2024, according to the Organisation of Petroleum Exporting Countries (OPEC).
OPEC said disclosed that this was based on data obtained from direct communication, adding that Nigeria remains the highest crude oil producer in Africa while Equatorial Guinea comes last with 62,000 bpd.
The report further indicated that the nation met OPEC quota of 1.5 million bpd.
Checks by indicated that efforts were being made to achieve the 2.06 million bpd target of the N49.7 trillion 2025 budget.
Recently, the Commission Chief Executive, NUPRC, highlighted the significant strides made by the Commission since its establishment in 2021, noting that Nigeria’s rig count, which stood at 16 as of 2021, has now doubled to 32 under the Commission’s oversight.
He said this increase reflects ongoing efforts to boost upstream activities and enhance the country’s crude oil production capacity, adding that this bold production target aims to position Nigeria as a more competitive and sustainable player in the global oil and gas industry.
On his part, the Minister of State Petroleum Resources (Oil), Senator Heineken Lokpobiri, said: “With the Presidential directive to ramp up oil production to a sustainable level, the journey of transformation in our oil sector began.
This visionary directive by President Bola Ahmed Tinubu, as broad as it was, became the cornerstone of my commitment and that of my team.
“We embraced it wholeheartedly, engaging stakeholders both domestically and internationally to build synergy and foster partnerships. Through these efforts, we successfully attracted significant investments and strengthened institutional frameworks, driving the remarkable transformation we see today in the sector.”
