MON JAN 20 2025-theGBJournal| Nigeria’s crude oil production (including condensates) reversed the increase recorded in the previous month, declining by 1.4% m/m to 1.67 mb/d in December (November: 1.69 mb/d), according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The Escravos (-4.0% m/m) and Agbami (-19.9% m/m) production terminals experienced declines which offset production increases from the Brass (+13.8% m/m), Bonny (+3.1% m/m), Tulja-okwuibome (+1.4% m/m), Odudu (+0.9% m/m) and Forcados (+0.7% m/m) terminals.
The average crude oil production (including condensates) for 2024FY settled at 1.55 mb/d (2023 average:1.47 mb/d), which was slightly above Cordros Research estimate (1.54 mb/d) but fell short of the FG’s 1.78 mb/d target by 0.23mb/d.
In the medium term, Cordros say they anticipate higher production following improved oil pipeline surveillance, the introduction of new oil fields, and the FG’s approval of pending on-shore oil asset divestment deals between International Oil Companies (IOCs) and local companies.
”Consequently, we revise our 2025FY average crude oil production projection upwards to 1.65 mb/d (previous: 1.62 mb/d),” Cordros adds.
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