Nigeria’s Oil Production Rises Over 80% to 1.824m Barrels Daily — Lokpobiri

Nigeria’s crude oil production has increased by more than 80 per cent since 2023, reaching 1.824 million barrels per day including condensate, according to Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri.

Lokpobiri disclosed the figure during an interaction with selected media organisations in Yenagoa, Bayelsa State, where he discussed developments in Nigeria’s oil and gas sector.

The minister said Nigeria was producing less than one million barrels per day of crude oil and condensate when the current administration assumed office in 2023. He said production has since risen to 1,824,000 barrels per day, citing the latest weekly report of the Nigerian Upstream Regulatory Commission (NUPRC).

“Condensate is not counted by OPEC. As of the last weekly report from NUPRC, we are producing 1,824,000 barrels per day inclusive of condensate. That is over 80 per cent from where we started in 2023,” Lokpobiri said.

The minister attributed the increase to developments and investments across the oil and gas industry, including increased drilling activity and the Federal Government’s approval of major divestment deals involving international oil companies.

According to Lokpobiri, Nigeria had fewer than 10 active drilling rigs when the administration came into office, while the number has now risen to more than 70. He also pointed to investments linked to projects such as Bonga North, Bonga South-West and Zabazaba.

Lokpobiri further said indigenous oil companies now account for about 60 per cent of Nigeria’s crude oil production, compared with a period when international oil companies were responsible for about 90 per cent of output.

The minister said the increase in production reflected renewed activity in the sector and efforts to attract investment into Nigeria’s oil and gas industry.

However, the 1.824 million barrels per day figure cited by Lokpobiri includes condensate, which is treated differently from crude oil in some international production statistics. The minister specifically noted that condensate is not counted by OPEC in its crude oil production figures.