Nigeria’s oil production figures are under scrutiny as NUPRC reports 1.53 million bpd for October, contradicting NNPC’s claim of 1.8 million bpd and highlighting ongoing challenges in the sector.
Beneath Nigeria’s bustling oil sector lies a quiet but significant disagreement between the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian National Petroleum Company Limited (NNPC).
While the NUPRC reports that the country produces 1.53 million barrels per day (bpd) in October 2024, this figure sharply contrasts with the NNPC’s claim of 1.8 million bpd.
The NUPRC estimates include crude oil and condensates.
Specifically, blended condensates rose to 44,134 bpd, while unblended condensates dropped to 160,672 bpd.
Moreover, the NUPRC noted that October’s total output, including condensates, hit a three-month low, extending a year of fluctuating production levels.
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Meanwhile, Nigeria continues to fall short of its OPEC quota of 1.58 million bpd, and the NNPC has failed to meet its optimistic projections.
For instance, operators reduced production at Forcados terminal from 7.29 million barrels in September to 5 million barrels in October.
However, Bonny terminal operators slightly increased output from 6.1 million to 6.2 million barrels.
On the other hand, NNPC expresses optimism.
Recently, CEO Mele Kyari announced that the company had raised production to 1.8 million bpd.
He credited the increase to strengthened collaboration with joint venture partners and improved pipeline security.
Kyari also expressed confidence in reaching 2 million bpd by year-end.
Ultimately, the conflicting figures reveal challenges in Nigeria’s oil sector.
As the country pushes to boost oil export revenue, the gap between NUPRC’s data and NNPC’s claims exposes deeper issues in managing and reporting production in Africa’s largest oil producer.
