According to data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigeria’s crude oil production, including condensates, rose to a three-month high of 1.47 million barrels per day (mb/d) in May, marking a 1.5% month-on-month (m/m) increase from April’s 1.45 mb/d.
The production boost in May was largely driven by a significant rebound in output from the Akpo terminal, which saw an astonishing 979.7% m/m increase, reaching a five-month high due to enhanced activities in the Akpo West Field following the commencement of operations by TotalEnergies.
Additionally, production volumes increased at the Escravos and Bonga terminals, both recording a 6.6% m/m rise. However, production declines were noted at the Bonny (-9.7% m/m), Qua Iboe (-7.8% m/m), and Forcados (-3.6% m/m) terminals.
Despite these gains, ongoing issues such as frequent pipeline leaks, intermittent shutdowns of oil terminals for repairs, and divestments by International Oil Companies (IOC) continue to pose significant risks to crude oil production.
Consequently, the average crude oil production estimate for 2024, including condensates, has been revised downwards to 1.52 mb/d from the previous estimate of 1.54 mb/d.
