Nigeria Achieves Record-Breaking Crude Oil Output in September 2023

Nigeria’s crude oil production surged to 1.35 million barrels per day in September 2023, representing a 14% increase from August.

According to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), this surge in output is the highest the country has seen this year.

Detailed data from NUPRC revealed that in January, February, and March, Nigeria’s oil production averaged 1,266,659, 1,292,240, and 1,266,737 barrels per day, respectively.

In the following months, April, May, June, and July, production remained relatively steady but notably increased in August to 1,181,133 barrels per day.

However, September’s production hit an all-time high of 1,346,562 barrels per day, a significant upswing.

The Nigerian government has been actively striving to bolster the country’s oil production, which has fallen below the 1.8 million barrels per day quota set by the Organization of Petroleum Exporting Countries (OPEC).

In a related development, the NUPRC expressed optimism that Exxon Mobil’s asset sale to Seplat Energy may soon proceed.

The $1.28 billion sale, which the regulator previously rejected, is crucial for attracting much-needed investments into Nigeria’s oil and gas sector.

NUPRC’s Chief Executive, Gbenga Komolafe, stated that they anticipate all parties involved will adhere to Nigerian laws and ensure that the transaction aligns with regulatory requirements.