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BUSINESS

Nigeria’s Crude Oil Production Rises to 1.48mbpd in June

July 15, 2023 • 1 min read

Apparently as a consequent of the efforts to stop oil theft, the nation’s oil production has increased from 1.43 million barrels per day to 1.48 million barrels.

This figure is according to National Upstream Petroleum Regulatory Commission (NUPRC).

The commission said Nigeria’s crude oil production came in at 1.48mbpd in June 2023 (inclusive of 55,088bpd and 176,030bpd of its blended and unblended condensates respectively).

According to reports that this is 3.5% and 5.71% higher than its oil production of 1.43mbpd and 1.40mbpd in May 2023 and June 2022 respectively.

However, the nation’s crude oil production still came short of the 2023 budget projection of 1.69mbpd for the year.

On a month-on-month basis, the Forcados terminal was the main driver of growth as the terminal produced the total crude oil and condensate production to 7.90mb in June 2023 from 7.01mb in May 2023.

The Bonny, Brass, Qua Iboe, Escravos, and Odudu terminals recorded crude oil and condensate production of 3.21 Mb, 1.14 MB, 3.79 MB, 4.48 MB, and 3.11 Mb in June 2023 compared with 3.73 Mb, 1.14 Mb, 4.10 MB, 4.78 MB, 3.29 MB and 1.13 MB in May 2023.