Nigeria’s Crude Oil Production Nearing 1.8 Million Barrels Daily
Nigeria’s crude oil production is inching close to its projected 1.8 million barrels daily.
The output hits 1.64 million barrels daily in January 2024, according to the Nigeria Upstream Petroleum Regulatory Commission.
It getting closer to 1.78 million barrels daily projection of the 2024 budget.
According to the commission, the 1.64 million barrel daily production was the highest since January 2022.
The figure was 1.55 million barrels daily in December 2023.
The commission attributed the rise in the production level to the additional 177,000 barrels daily since last November.
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The Commission’s Chief Executive emphasized the importance of transparency and collaboration in achieving this goal.
Improved hydrocarbon measurement and strategic partnerships with E&P companies are key components of the plan, designed to boost production and meet the country’s technical potential.
In a bid to attract more investment and increase oil production, the Nigerian government has announced its intention to open bids for new offshore oil blocks.
The CEO of the NUPRC revealed that both local and foreign firms are invited to participate in the auction, with a reduced upfront signature bonus to incentivize more bidders.
This strategic move is expected to catalyze the country’s efforts to raise oil output to 2.6 million bpd by 2026, a significant jump from the current production rate of approximately 1.6 million bpd.
As Nigeria continues its steady climb towards optimal oil production, the world watches with bated breath.
The success of these measures could not only reshape Nigeria’s economic landscape but also redefine its position in the global oil market.
