In September 2023, Nigeria achieved an all-time high in crude oil production, pumping 1.35 million barrels per day (bpd), according to data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). This marked a significant increase of approximately 14% compared to the previous month of August 2023 when the country produced 1,181,133 bpd.
Here is a breakdown of Nigeria’s crude oil production in 2023:
- January: 1,266,659 bpd
- February: 1,292,240 bpd
- March: 1,266,737 bpd
- April: 1,004,392 bpd
- May: 1,189,332 bpd
- June: 1,260,928 bpd
- July: 1,089,089 bpd
- August: 1,181,133 bpd
- September: 1,346,562 bpd
These figures indicate that September marked the highest oil production for Nigeria in 2023. The Nigerian government has been actively working to increase the country’s oil production to meet its OPEC-approved quota of approximately 1.8 million bpd.
In another development, the NUPRC expressed optimism about Exxon Mobil’s asset sale to Seplat Energy, suggesting that the transaction could move forward. The regulator had previously refused to approve the $1.28 billion sale, but it now anticipates that the parties involved will address regulatory concerns and comply with Nigerian laws to facilitate the deal, which is seen as crucial for attracting investment into Nigeria’s oil and gas sector.