Nigeria’s Oil Production Rises to 1.53 Million bpd in July
Nigeria’s crude oil and condensate productions have increased to 1.53 million barrels per day in the month of July, this is according to data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The NUPRC’s monthly oil production status report, seen by Nairametrics, captured both the volume of crude and condensate production in a specific month.
According to the status report, crude production rises from 1.27 million bpd in June to 1.3 million in July, this is in line with the data from OPEC reported by Nairametrics earlier this month.
In addition, the blended condensates declined to 57,143 bdp in July from 58,842 in June.
Moreover, the unblended condensates rise to 169,898 bpd in the same period from 165,198 in the previous month.
According to NURPC, Nigeria’s overall production output as of July 2024 is:
Crude oil: 1,306,657 barrels per day
Blended condensates: 57,143 barrels per day
Unblended condensates: 169,898 barrels per day.
Total: 1,533,698 per day.
Crude oil: 1,306,657 barrels per dayWhat NUPRC Covers
The data from OPEC capture both the primary and secondary sources only captures the crude oil production without the condensate.
However, Nigeria’s oil output includes not only crude oil but also blended and unblended condensates, which is captured by the upstream regulatory body, NUPRC, in its monthly oil production status report.
Condensate in crude oil refers to a light hydrocarbon liquid that is typically produced in association with natural gas.
When crude oil and natural gas are extracted from the ground, the products may contain various hydrocarbons that are in a gaseous state under reservoir conditions but condense into liquid when the temperature and pressure decrease as they are brought to the surface. This liquid is known as condensate.
In some cases, condensate can be mixed with heavier crude oil to improve the flow characteristics of the oil, making it easier to transport through pipelines.
What you should know
- The oil sector continues to be troubled by insecurity and low investment, exacerbated by the exit of international oil companies (IOCs) and unresolved issues regarding the approval of oil asset transfers.
- Last month, the NNPCL declared a renewed effort to tackle the challenges hindering crude oil production, as output has stagnated over the past five months.
- Nairametrics earlier reported that Nigeria’s crude oil production in the month of July rose to 1.307 million barrels of crude oil daily according to the monthly oil market report of the Organisation of Petroleum Exporting Countries (OPEC).
- According to the report, the country added 30 thousand barrels daily to its production when compared to the production figure for last month which stood at 1.276 million barrels daily in June 2024.
