- The recorded increase in oil production remains lower than the 2023 budget benchmark.
- FG commits to removing all bottlenecks in exploration and production in the energy sector.
Crude oil production in Nigeria, including condensate, rose year-on-year by 30 per cent to 1.6 million barrels per day (bpd) in October 2023, from 1.2 million bpd recorded in October 2022. But on a month-on-month basis, Nigeria’s oil output dropped marginally by 0.7 per cent to 1.562 million bpd in October 2023 from 1.572 million bpd in September 2023. The production figures showed that the nation’s output, including condensate, stood at 1.5 million bpd in January 2023 and dropped to 1.3 million bpd in April before climbing to 1.6 million bpd in September, apparently the highest in 2023.
Despite improving crude oil production at 1.6 million barrels per day, it remained significantly lower than the 2023 budget benchmark of 1.69 million barrels per day and the OPEC quota of 1.7 million barrels per day. The Minister of State Petroleum Resources (Oil), Senator Heineken Lokpobiri, had expressed the determination of the government to increase production to 2 million bpd by December. He said the government was committed to removing all bottlenecks hindering ease of exploration and production in the energy sector.
Responding to issues raised by the oil companies concerning the operating environment in the Niger Delta region and divestments by International Oil Companies (IOCs), Lokpobiri said, “I want to assure you that we can resolve whatever issues that exist or may arise in the future and together we can achieve a better sector in the interest of our country”.