Kehinde Fajobi
The Organisation of Petroleum Exporting Countries (OPEC) reported that Nigeria’s crude oil output, excluding condensates, reached 1.434 million barrels per day (bpd) in October 2024, based on secondary sources.
This figure contrasts with the Nigerian government’s reported 1.8 million bpd, which includes condensates.
With condensate output averaging about 250,000 bpd, the government’s actual crude output estimate stands at roughly 1.55 million bpd.
OPEC’s Monthly Oil Market Report (MOMR) for November also referenced data from direct sources, showing a lower production figure of 1.333 million bpd for October—a 0.6% increase from September’s 1.324 million bpd.
This data highlights a gap of around 226,000 bpd compared to the government’s numbers.
Despite these differences, OPEC noted that Nigeria remains Africa’s top oil producer, followed by Libya and Congo, while Sudan produced the least at 28,000 bpd.
Meanwhile, at the Nigerian Association of Petroleum Explorationists (NAPE) conference, Nigerian Content Development and Monitoring Board (NCDMB) Executive Secretary, Engr. Felix Omatsola Ogbe, addressed challenges facing Nigeria’s energy security.
In his presentation titled “Resolving the Nigerian Energy Trilemma: Energy Security, Sustained Growth, and Affordability,” Ogbe highlighted “the alarming scale of pipeline vandalism and crude oil theft” as major threats to the nation’s energy goals.
He stated that the NCDMB is collaborating with industry stakeholders on security strategies and project investment.
“We aim to dedicate one week annually for signing Final Investment Decisions (FIDs) on new projects, encouraging timely actions by investors and regulators,” Ogbe said.
Ogbe emphasised that FID signings would “catalyse new projects in the Nigerian oil and gas industry.”
He noted that partnerships among stakeholders, coupled with the NCDMB’s initiatives, would help actualise Presidential Directives from March 2024 to expedite contracting and boost sector investments.