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Oil Output Reaches a Peak of 1.35 Million Barrels Per Day In 2023

It is a triumph for Nigeria’s oil industry, as the nation achieved a remarkable milestone in September 2023, with its crude oil output rising to an all-time high of 1.35 million barrels per day. This remark is the peak of Nigeria’s oil production this year, sounding a powerful rebirth in the nation’s energy sector.

The Nigerian Upstream Petroleum Regulatory Commission disclosed these amazing statistics centering that September’s oil production was a massive 14 per cent greater than the previous month of August 2023. 

In precise figures, Nigeria pumped an impressive 1,346,562 barrels per day in September, a significant increase of 165,429 barrels per day compared to the 1,181,133 barrels per day produced in August.

Analyzing the year’s progression, it’s clear that Nigeria’s journey to this record-breaking output was a gradual ascent. From January through March, oil production steadily climbed, reaching 1,266,659, 1,292,240, and 1,266,737 barrels per day, respectively. In April, May, June, and July, the nation continued to make strides with production figures of 1,004,392, 1,189,332, 1,260,928, and 1,089,089 barrels per day.

The Federal Government’s relentless efforts to strengthen oil production have finally paid off, enabling Nigeria to move closer to its target. These achievements are particularly crucial since they bridge the gap between the country’s current production and the OPEC-approved quota of about 1.8 million barrels per day.

In a separate development, the Nigerian Upstream Petroleum Regulatory Commission expressed optimism regarding Exxon Mobil’s asset sale to Seplat Energy. This deal, which faced regulatory obstacles last year, holds immense potential for attracting vital investments into Nigeria’s oil and gas sector.

NUPRC’s Chief Executive, Gbenga Komolafe, conveyed this optimistic outlook during Africa Oil Week in Cape Town, stating that they anticipate all parties involved will revisit the regulator’s position and abide by Nigerian laws, ultimately ensuring that the deal proceeds as planned.

Nigeria’s rising oil production and the potential revival of the Exxon Mobil asset sale to Seplat Energy paint a promising picture for the nation’s energy sector, driving optimism and renewed vitality in the industry.



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