A fresh report has revealed that oil production in Nigeria is rebounding.
The data, from the upstream regulator showed that the country’s oil production has been recovering in recent months as it reached its highest level for 2024 in November.
The improvement in oil production is with a total of 1.7 million barrels per day (bpd) of crude oil and condensate output.
The crude oil and condensates were said to have risen in November by 13.3% percent compared to the 1.5 million bpd output in the same month of 2023.
This information is from the monthly output report by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Experts have expressed happiness at the development, saying that the rise of Nigeria’s oil production from 1.5 million bpd earlier this year, is good news for the 2025 budget of the biggest African oil producer.
It would be recalled that in the 2025 budget estimate, Nigeria’s budget for next year is based on 1.7 million bpd of oil production and oil prices at $75 per barrel.
The country had already boasted it had reached an output of 1.8 million bpd and said it could even hit 2 million bpd by the end of the year.
This summer, Nigeria’s national oil company NNPC, declared a state of emergency on production in Nigeria’s oil and gas industry as the nation battles to boost output.
NNPC Group CEO Mele Kyari had been reiterating the need for a holistic move to address the challenges that have plagued the oil and gas industry for years,
Other major problems facing this critical sector have been identified as oil theft and pipeline vandalism.
The menace had long plagued Nigeria’s upstream oil and gas industry, driving majors out of the biggest OPEC producer in Africa.