The Nigeria Upstream Petroleum Regulatory Commission (NUPRC) provided the data, which indicates that Nigeria produced 566.8 million barrels of crude oil and condensate in 2024.
According to the NUPRC’s 2024 Crude Oil and Condensate Production Report, Nigeria produced 566,794,493 barrels of crude oil and condensate between January and December of that year.
Nigeria produced 51,694,357 in crude oil and condensate in December 2024, the study states, marking its biggest oil output to date.
4,144,661 barrels of unblended condensate, 1,527,549 barrels of blended condensate, and 46,022,147 barrels of crude oil make up the breakdown.
With 50,714,537 barrels produced in December, the production is somewhat higher than that of November. 44,569,683 barrels of crude oil, 4,750,362 barrels of unblended condensate, and 1,394,492 barrels of blended condensate are included in the breakdown.
With 43,423,051 barrels of crude oil and condensate produced overall, April had the lowest production in the nation.
Nigeria’s daily average production reached its highest point in November, averaging 1.69 million barrels per day. December comes next, with an average of 1.69 million barrels per day.
In December, production peaked at 1.79 million b/d, with the lowest daily production being 1.57 million.
“The average daily production in December was 1,667,560 barrels per day, which included both condensate (182,975 bpd) and crude oil (1,484,585 bpd),” the report stated.
The following represents the daily average production, including condensate:
1.64 mbpd in January
February: 1.53 mbpd
1.44 mbpd in March
April: 1.45 mbpd
May: 1.47 mbpd
1.50 mbpd in June
July: 1.53 mbpd
August: 1.57 mbpd
August: 1.54 mbpd
1.54 mbpd in October
1.69 mbpd in November
1.67 mbpd in December
The nation exceeded its OPEC quota in the latter half of the year due to an increase in output. On average, it produced 1.4 million barrels of crude oil per day when condensates were not included.
Read Also: Highlights of Obasa’s Removal as Lagos Assembly Speaker
Additionally, the average production plus condensate for the entire year fell just short of the OPEC quota. The NUPRC report said that the average production of crude oil was 1.5 mbpd, or 98.97% of the OPEC quota.
Performance of Streams and Oil Terminals
BONNY is one of the top-performing terminals or streams, per the NUPRC report.
From January to December, the Forcados Terminal produced 91.3 million barrels of oil, the most of any terminal. Escravos Terminal, which produced 49.5 million barrels, and Bonny Terminal, which produced 69.3 million barrels overall, come next.
What you ought to be aware of
Nigeria did not fulfill the 2024 budget’s 1.7 mbpd objective, according to NUPRC data.
Senator Heineken Lokpobiri, the Minister of State for Petroleum, and President Bola Tinubu have both committed to raising Nigeria’s crude oil production by more than one million barrels per day by the end of 2025.
The 2025 budget established a goal of 2.06 million barrels per day for the federal government.
