Nigeria Achieves Record High Crude Oil Output in September 2023

In a remarkable surge, Nigeria’s crude oil production reached an unprecedented peak of 1.35 million barrels per day in September 2023, marking the highest volume of crude oil pumped by the nation throughout the year. This significant increase was revealed by the latest data provided by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Wednesday.

According to the NUPRC’s statistics, Nigeria’s oil output in September surpassed its August 2023 production by approximately 14 percent. Specifically, September’s crude oil production, excluding condensates, stood at 1,346,562 barrels per day. This represented a substantial increase of 165,429 barrels per day compared to the 1,181,133 barrels per day produced in August of the same year.

A comprehensive examination of the data from NUPRC indicated that in the early months of the year, namely January, February, and March, the nation’s crude oil production levels were 1,266,659 barrels per day, 1,292,240 barrels per day, and 1,266,737 barrels per day, respectively.

In the subsequent months of April, May, June, and July, Nigeria’s production figures were 1,004,392 barrels per day, 1,189,332 barrels per day, 1,260,928 barrels per day, and 1,089,089 barrels per day, respectively. This progressive rise in crude oil production throughout the year culminated in the record-setting output achieved in September.

In a related development, the NUPRC expressed optimism regarding the potential progression of Exxon Mobil’s asset sale to Seplat Energy. Gbenga Komolafe, the Chief Executive of NUPRC, conveyed this sentiment during an interview with Reuters on the sidelines of the Africa Oil Week in Cape Town.

It is worth noting that the regulator had previously declined to approve the $1.28 billion sale, a transaction deemed pivotal by industry experts for attracting essential investment into Nigeria’s oil and gas sector. Komolafe emphasized, “We are very optimistic that parties to the transaction will go back, consider the regulator’s position, and adhere to the provisions of Nigerian laws to ensure that the right course of action is taken.”