Nigeria surpasses OPEC quota MoM, YoY
By Jeph Ajobaju, Chief Copy Editor
Nigeria’s oil production, including condensate, jumped both month-on-month (MoM) and year-on-year (YoY) in the latest figures released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Output rose 4 per cent MoM to 1.737 million barrels per day (mbpd) in January 2025 from 1.667 mbpd in December 2024. It also increased 5.7 per cent YoY to 1.737 mbpd in January 2025 against 1.643 mbpd in January 2024.
NUPRC report on Crude Oil and Condensate Production said: “Lowest and peak production in January was 1.66 million bopd and 1.79 million bopd, respectively. The average crude oil production was 103 per cent of OPEC quota (1.5 mbpd).
“The daily average production in January was 1,737,480 barrels per day, comprising both crude oil (1,538,697 bopd) and condensate (198,783 bopd).”
Nigeria met Organisation of Petroleum Exporting Countries (OPEC) production quota of 1.5 mbpd but fell short of the 2.06 mbpd target of the federal government as well as projected oil price of $75 per barrel (pb) even though Brent Crude closed at $75.06 pb on Tuesday.
OPEC February 2025 Monthly Oil Market Report said Nigeria’s crude oil production, excluding condensate, grew 6.3 per cent MoM to 1.539 mbpd in January 2025, up from 1.485 mbpd in December 2024.
The country’s crude oil output, excluding condensate, rose 7.8 per cent YoY from 1.427 million bpd in January 2024 to 1.539 mbpd in January 2025, according to OPEC.
It clarified that these figures are based on data obtained through direct communication and reaffirmed that Nigeria remains Africa’s top crude oil producer, while Equatorial Guinea ranks lowest with an output of 62,000 bpd.
Abuja recently disclosed that efforts are ongoing to achieve the 2.06 mbpd production target projected in the 2025 budget of N54.9 trillion.
Shell Nigeria Exploration and Production Company Limited (SNEPCo) Managing Director, Ronald Adams, also announced that Nigeria can meet oil production targets and implement development programmes from deep-water oil and gas operations if it continues with policies to encourage investment and boost output in the sector.
“Deep water is a compelling consideration for Nigeria if the country must meet its oil production targets and implement ambitious development programmes,” Adams declared at a recent oil and gas conference.
He said Nigeria’s deep-water fields are home to some of the world’s most promising associated and non-associated gas reserves, with vast untapped potential that could play a vital role in powering Nigeria’s future, supporting cleaner energy and contributing to global emissions reduction.
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