Nigeria’s oil production grows marginally by 4% to 1.28mbpd
The Nigerian National Petroleum Corporation Exploration and Production Limited (NNPC E&P Ltd) and Natural Oilfield Services Limited (NOSL) have announced the commencement of oil production at Oil Mining Lease (OML) 13 in Akwa Ibom State, Nigeria.
The production, which commenced on May 6, 2024, with 6,000 barrels of oil, is expected to be ramped up to 40,000 barrels per day by May 27th, 2024.
The announcement was disclosed yesterday in a release signed by the company’s Chief Corporate Communications Officer, Olufemi Soneye, who stated that the commencement of OML13 highlights NNPCL and NOSL’s dedication to driving growth and development in Nigeria’s oil and gas sector, which remains a vital component of the nation’s economy.
He added that the achievement does not only signify the culmination of rigorous planning and execution by the teams involved but also represents a new era of economic empowerment and development opportunities for the host communities.
“Furthermore, for Nigeria, the first oil from OML 13 holds some significance as it contributes to the country’s efforts to increase its oil production capacity, which is crucial for meeting domestic energy needs and driving economic growth.
“The NNPC E&P Ltd. and NOSL partnership is also committed to operating in a manner that is safe, environmentally responsible, and beneficial to the local communities,” he stated.
This is as Nigeria’s crude oil production in the month of April, 2024, rose marginally by four per cent to 1.28 million barrels per day compared to 1.23mbpd recorded in March, data released by the Nigerian Upstream Regulatory Commission (NUPRC) has shown.
The lack of improvement in production came despite Federal Government’s effort to boost oil production to meet the 1.78mbpd target for funding the 2024 budget.
When added to condensate oil, production was 1.447 million barrels per day compared to 1.438mbpd recorded in the previous month.
The production figures with condensate were 1.539 million barrels per and 1.643 million barrels per day in the months of February and January respectively.
The Minister of State Petroleum Resources (Oil), Senator Heineken Lokpobiri had earlier spoken of government’s plan to hit two million barrels oil production by the end of 2024.
However, he has explained that drop in oil production in the last few months was caused by issues encountered on the Trans Niger Pipeline, coupled with maintenance activities carried out by some oil companies operating in the country.
Lokpobiri in a statement by his media aide, Nnemaka Okafor assured that measures were being taken to address the situation to, “not only restore production to previous levels, but to also increase it”.
“The Minister is also pleased to announce that the issues have been adequately addressed, and production is expected to return to its previous levels in the coming days.
“He anticipates that Nigeria’s oil production, including condensate, which was approximately 1.7 million barrels per day (bpd) prior to these developments, will soon be restored.
“Furthermore, the Ministry of Petroleum Resources is actively engaged in policy evolution aimed at maximizing the utilization of all available wells in Nigeria. This strategic approach will enable the country to ramp up production, thereby generating vital revenue to stabilize the nation’s foreign exchange reserves. The increased revenue will also empower the government to fulfill its commitments in providing essential infrastructure, as outlined in the 2024 budget”, she added.
