Nigeria’s oil production, including Condensate, dropped month-on-month, MoM, by 17.7 per cent to 1.25 million barrels per day, bpd in April 2023, from 1.52 million bpd recorded in the preceding month of March 2023.

This confirms the position of the Organisation of Petroleum Exporting Countries, OPEC, which had earlier disclosed in its May 2023 report that the nation’s oil output, excluding Condensate, dropped by 23 per cent, MoM, to 999,999 barrels per day, bpd, in April 2023, from 1.3 million bpd in the preceding month of May 2023.

In its May 2023 report – Crude Oil and Condensate Production 2023, the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, confirmed that the output, dropped during the same period.

The report indicated that Nigeria was unable to meet its 1.69 million bpd target for the 2023 budget, despite the addition of Condensate that Nigeria has the capacity to produce between 300,000 bpd and 400,000 bpd.

In its report, the NUPRC also put Nigeria’s oil reserves at 37 billion bpd because of limited investment; due to many years of delay associated with non-passage of the Petroleum Industry Bill, PIA.

This indicated that Nigeria still remains far from increasing its crude oil reserves to 40 billion barrels by 2030, from the current 37 billion barrels.

The Group Executive officer, NNPC Limited, Mele Kyari, who noted the hovering of the nation’s oil reserves at 37 billion barrels, said efforts made in exploration outside the Niger Delta would culminate the making of additional oil and gas finds.

Executive Director, Spaces for Change, Victoria Ibezim-Ohaeri, in a interview stated that the Petroleum Industry Act, PIA, a comprehensive legislation targeted at increasing investment, oil reserves and production capacity, has not been orderly implemented.

According to her, the selective execution of the legislation could constrain the nation from maximising the benefits of the PIA, adding that it should be fully executed to attract the expected benefits to the oil and gas industry and nation’s economy.

The lead promoter, EnergyHub Nigeria, Prof. Felix Amieyeofori, who noted that pipeline vandalism and oil theft were still negatively impacting on output, said: “Nigeria still suffers from pipeline vandalism and oil theft that go a long way in affecting production. These and other issues should be tackled by the next administration.”

Meanwhile, the prices of crudes, including Nigeria’s Bonny Light dropped to $74 per barrel, from $80 per barrel, recorded two weeks ago, indicating a dollar below the $75