In July 2023, Nigeria witnessed a decline in its crude oil production, reaching a daily average of 1,294,162 barrels, as per data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The month’s breakdown indicated that Nigeria generated 1,081,396 barrels of crude oil per day, in addition to 38,258 barrels of blended condensate and 174,509 barrels of unblended condensates. These figures collectively contributed to the total production of 1,294,162 barrels per day for the month. This marks the second instance in 2023 where Nigeria’s crude oil production has fallen below 1.4 million barrels per day, with the first being in April 2023 at 1,245,028 barrels. For the rest of the year, production figures fluctuated between 1.4 and 1.5 million barrels per day.
In June 2023, Nigeria recorded a production of 1,480,078 barrels per day, encompassing condensates. However, the drop in crude oil production experienced in July can be attributed primarily to the shutdown of the Forcados terminal in early July. The discovery of a sheen at the facility prompted a suspension of operations.
NUPRC data revealed that the production disruption at the Forcados terminal, a crucial component of Nigeria’s oil infrastructure, significantly contributed to the overall decline in crude output. For July 2023, the Forcados terminal produced 3,286,735 barrels, a sharp contrast to the robust 7,898,226 barrels recorded in June 2023.
Notably, several other major terminals also reported reduced production levels. The data disclosed that the Bonny terminal saw a production of 2,606,500 barrels in July 2023, down from 3,214,900 barrels in June. Similarly, the Brass terminal produced 987,114 barrels, showing a decline from the 1,136,446 barrels produced in June 2023.
The Odudu (Amenam blend) terminal recorded a production of 2,934,411 barrels in July 2023, indicating a decrease from the 3,109,894 barrels produced in June 2023.
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