Data mined from the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) show that Nigeria produced a total of 566.8 million barrels of crude oil and Condensate in 2024.
Based on Nairametrics calculation of figures in the NUPRC’s Crude Oil and Condensate Production Report, 2024, Nigeria produced 566,794,493 barrels of crude oil and condensate from January to December 2024.
According to the report, Nigeria recorded its highest oil production in December 2024 when it produced a total of 51,694,357 in crude oil and condensate.
The breakdown includes: 46,022,147 barrels of crude oil, 1,527,549 barrels of blended condensate, and 4,144,661 of unblended condensate.
The December production is slightly higher than that of November, with 50,714,537 barrels produced. The breakdown includes: 44,569,683 barrels of crude oil, 4,750,362 barrels of unblended condensate, and 1,394,492 barrels of blended condensate.
The country’s lowest production was recorded in April with a total of 43,423,051 barrels produced in crude oil and condensate.
On daily average production, Nigeria recorded its highest daily average in November with an average of 1.69 million barrels produced per day. This is followed by December with an average of 1.69 million barrels per day.
In December, the lowest production in a day was 1.57 million, while the peak production was 1.79 million b/d.
“The daily average production in December was 1,667,560 barrels per day, comprising of both Crude oil (1,484,585 bpd) and condensate (182,975 bpd),” the report noted.
The daily average production including condensate is as follows:
- January – 1.64mbpd
- February – 1.53mbpd
- March – 1.44mbpd
- April – 1.45mbpd
- May – 1.47mbpd
- June – 1.50mbpd
- July – 1.53mbpd
- August – 1.57mbpd
- September – 1.54mbpd
- October – 1.54mbpd
- November – 1.69mbpd
- December – 1.67mbpd
The country’s output increased in the last half of the year, surpassing its OPEC quota. Although, when calculated without condensates, its crude oil production was at a daily average of 1.4 million bpd.
The average production plus condensate for the whole year was also slightly shy of the OPEC quota. “The average crude oil production was 98.97% of OPEC quota (1.5 mbpd),” the NUPRC report noted.
Performance of Oil terminals/Streams
The top-performing terminals or streams, according to the NUPRC report include BONNY
BRASS, QUA IBOE, FORCADOS, ESCRAVOS, ODUDU, and TULJA – OKWUIBOME.
Forcados Terminal at the highest oil output with a total of 91.3 million barrels produced from January to December. It is followed by Bonny terminal which produced a total of 69.3 million barrels, and Escravos terminal which produced 49.5 million barrels.
What you should know
- The data from NUPRC shows that Nigeria failed to meet the 1.7mbpd benchmark set for the 2024 budget.
- President Bola Tinubu and the Ministry of State for Petroleum, Senator Heineken Lokpobiri have both pledged to increase Nigerial’s crude oil output by over 1 million barrels per day, by the end of 2025.
- The federal government set a target of 2.06 million barrels per day in the 2025 budget.
