Nigeria's crude, condensate output dips to 1.69 million bpd in October

Nigeria produced an average of 1.69 million barrels per day of crude oil and condensate in October, down from 1.72 million bpd in September, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

The NUPRC data showed that the country's single-day production peaked at 1.79 million bpd in October, while the lowest level stood at 1.6 million bpd.

OPEC quota streak continues

In strict crude oil terms, excluding condensate, Nigeria averaged 1.51 million bpd in October. The NUPRC said this was 101 per cent of the 1.5 million bpd quota set by the Organisation of the Petroleum Exporting Countries (OPEC).

"In strict crude oil terms (excluding condensate), Nigeria produced an average of 1.51 million barrels per day in October. This constitutes 101 per cent of the 1.5 million bpd set by OPEC," the commission said.

The latest figure means Nigeria has met its OPEC crude oil production quota for six months in a row. The NUPRC data showed output of 1.53 million bpd in May, 1.55 million bpd in June, 1.51 million bpd in July, 1.5 million bpd in August, 1.53 million bpd in September and 1.51 million bpd in October.

"On a month-by-month basis, however, production dipped by 1.7 per cent," the commission said.

Terminal and stream breakdown

Forcados Terminal led production in October with 318.49 thousand barrels per day (kbpd). Bonny Terminal ranked second at 311.02 kbpd, followed by Qua Iboe Terminal with 173.97 kbpd.

Escravos Oil Terminal posted a daily average of 134.67 kbpd, while Bonga ranked fifth with 106.65 kbpd of crude oil and condensate.

Operational stability

The NUPRC attributed the relatively stable production performance in recent months to improved operational stability, higher production uptime and more efficient crude oil evacuation.

It said October's performance reflected the continued commitment of operators and other industry stakeholders to improving operational efficiency, maintaining asset integrity and enhancing production reliability across Nigeria's upstream petroleum sector.