Nigeria’s oil production increased by 177,000bpd in January

In January, Nigeria inched closer to actualising her oil production output target of 1.8 million barrels per day with about 177, 000 bpd increase in production.

This is according to data released on the website of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), for the National Crude and Condensate Production for December 2023 and January 2024.

The data which records production per stream, showed that the December 2023 and January 2024 production stood at 1.55 million bpd and 1.64 million bpd respectively.

It also revealed an overall increase of about 177,000 barrels per day (bpd) between November 2023 and January 2024.

“It is interesting to note that the January 2024 production is the highest since January 2022. This therefore is a good step towards meeting the 2024 budget target of 1.78 million bpd,” the Commission said.

The NUPRC, in line with its statutory mandate and effort to ensure transparency and accountability, also last month released a three-year Regulatory-Action-Plan (RAP) for Nigeria’s upstream Oil and Gas Sector which aims to raise oil, and condensates output to 2.6 million bpd by 2026, adding that “the recent increase in oil production is a good indication that the Commission has commenced the implementation of the RAP in earnest and that the action is yielding result,” the statement said.



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