Nigeria’s production, including condensates, rose by 11 per cent, from 1.3 million barrels in October to 1.4 million in November 2024.
Nigeria’s daily average oil production rose by 152, 000 barrels per day last November, according to data sourced from the newly released monthly oil market report by the Organization of the Petroleum Exporting Countries.
According to the OPEC MOMR for December 2024, the country’s production, including condensates, rose by 11 per cent, from 1.333 million barrels in October to 1.486 million in November 2024.
The analysis puts the daily increase at 152, 000 b/d and about one million barrels increase between October and November last year.
This came as the Minister of State Petroleum (oil), Heineken Lokpobiri, had said that the 2.06 million barrels per day oil projection in the 2025 budget is realisable.
The Minister made the statement following the presentation of a N49.7tn budget by President Bola Ahmed Tinubu to the National Assembly.
The budget titled “Budget of Restoration: Securing Peace, Rebuilding Prosperity” is targeted at consolidating the administration’s reforms, which experts say have induced hardship.
Tinubu said the 2025 budget targets a revenue of N34.82tn to fund the budget, including N15.81tn for debt servicing.
The deficit will be covered with N9.22tn in debt.
Although some analysts have argued that the budget is “unrealistic and ambitious,” Lokpobiri said it is realizable.
Tinubu said the revenue projection is based on the assumption that oil production would rise to 2.06tn while the average crude oil price remains at $75 per barrel.
Lokpobiri said there are existing efforts to upscale production to 2mbpd. Current production stands at 1.8mbpd according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The minister said, “What we can assure Nigerians is that this budget will be realizable; this budget will be implemented.
“Let me speak on some of the assumptions. The budget is predicated on the oil production of 2.60 million barrels of oil per day.
“We are already doing close to 2mbpd and I can assure you that by the end of the year 2024, we will surpass what is projected here, including condensates.”
Recall that in October 2024, the NUPRC launched a project to raise oil production by an additional one million barrels per day through its Project One Million Barrels Per Day Initiative.
At the time, oil production was over 1.6mbpd. An additional 1mbpd would sum oil production to 2.6mbpd, surpassing the 2.06mbpd 2025 budget projection.
The Commission’s Chief Executive, Engr. Gbenga Komolafe said at the launch that the move to raise oil production by an extra 1 million barrels per day “is in line with the president’s mandate for the country to raise its oil output to support the country’s revenue target.
