NUPRC: Nigeria’s oil output rose by 18% to 1.18m bpd in May | TheCable

The country’s drilling performance is contained in the latest crude oil and condensate production data of the Nigerian Upstream Petroleum Regulatory Commission .

The current output level represents an 18.53 percent rise compared to April 2023, when the yield was 998,602 bpd, according to the report. It also marks a 15.55 percent growth from the corresponding period of 2022 when Nigeria recorded 1,024,371 bpd output.With the addition of condensate, the NUPRC said oil production rose from 1.245 million bpd in April 2023, to 1.427 million bpd in May the same year.

Condensate is a mixture of light liquid hydrocarbons, similar to a light crude oil. It is usually separated from a natural gas stream at the point of production when the temperature and pressure of the gas are dropped to atmospheric conditions. But despite the increase, the oil output of the country is still below the 1.74 million bpd quota of the Organisation of Petroleum Exporting Countries .The oil cartel also revealed plans to cut Nigeria’s production level to 1.38 million bpd, starting from January 2024.However, OPEC said the figure could be reviewed to 1.57 million bpd, subject to verification.Recently, the policy advisory council of President Bola Tinubu projected that the country’s oil production will increase to 1.

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