According to calculations by Nairametrics based on the NUPRC’s Crude Oil and Condensate Production Report for 2024, Nigeria's total production from January to December reached 566,794,493 barrels.
The report highlights that December 2024 saw Nigeria's highest oil output, with a total of 51,694,357 barrels of crude oil and condensate produced.
This total breaks down to 46,022,147 barrels of crude oil, 1,527,549 barrels of blended condensate, and 4,144,661 barrels of unblended condensate.
December's production was a bit higher than November's, which recorded 50,714,537 barrels. That month included 44,569,683 barrels of crude oil, 4,750,362 barrels of unblended condensate, and 1,394,492 barrels of blended condensate.
The lowest production for the year occurred in April, with a total of 43,423,051 barrels of crude oil and condensate.
In terms of daily averages, November had the highest with an average of 1.69 million barrels produced each day, closely followed by December, which also averaged 1.69 million barrels per day.
In December, the lowest daily production was 1.57 million barrels, while the peak reached 1.79 million barrels per day.
“The daily average production in December was 1,667,560 barrels per day, comprising of both Crude oil (1,484,585 bpd) and condensate (182,975 bpd),” the report noted.
Average daily production, inclusive of condensate, is as follows, January – 1.64 mbpd, February – 1.53 mbpd, March – 1.44 mbpd, April – 1.45 mbpd, May – 1.47 mbpd, June – 1.50 mbpd, July – 1.53 mbpd, August – 1.57 mbpd, September – 1.54 mbpd, October – 1.54 mbpd, November – 1.69 mbpd, December – 1.67 mbpd
In the latter half of the year, the country's production ramped up, exceeding its OPEC quota. However, if we look at crude oil production alone, excluding condensates, the daily average was around 1.4 million bpd.
For the entire year, the average production plus condensate was just below the OPEC quota. The NUPRC report highlighted that the average crude oil production was 98.97% of the OPEC target (1.5 mbpd).
As for the performance of oil terminals and streams, the NUPRC report identified the top players as BONNY, BRASS, QUA IBOE, FORCADOS, ESCRAVOS, ODUDU, and TULJA – OKWUIBOME.
Leading the pack was Forcados Terminal, which produced a whopping 91.3 million barrels from January to December. Bonny Terminal came in second with 69.3 million barrels, followed by Escravos Terminal with 49.5 million barrels.
The information provided by NUPRC indicates that Nigeria did not achieve the 1.7 million barrels per day target established for the 2024 budget. President Bola Tinubu, along with the Minister of State for Petroleum, Senator Heineken Lokpobiri, has committed to boosting Nigeria's crude oil production by more than 1 million barrels per day by the conclusion of 2025. Additionally, the federal government has established a goal of 2.06 million barrels per day for the 2025 budget.