Nigeria exceeds 2 months oil production target with 1.014million BPD in October

After months of uncertainty in its daily oil production target, Nigeria finally exceeded the 1 million barrels per day (BPD) target in October, a feat which has seen the country exceed the oil production targets achieved in August and September.

This comes amid disturbing information concerning Nigeria’s low oil output as the country has been producing oil at record low quantity which has seen it lose as much as 800,000 BPD in the last few months.

According to production data obtained from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) a daily production target of 1.014 million barrels of crude oil was drilled for the month under review and this exceeded production for August which stood at 972,394 BPD and September’s volume which was pegged at 937,766 BPD.

The production in October also saw the production volume increase to 31.449 million barrels of oil thus beating the total production volume for August – 30.144 million barrels and September – 28.132 million barrels.

The volume of Condensate produced during the period in review also increased as 6.692 million barrels of condensate was produced, a feat which raised total production to 38.1 million barrels for last month.

Some factors have been seen to be responsible for the increased output in October which include the high production capacity for some of Nigeria’s finest crude like Bonny light, Brass, Qua Iboe, Forcados and Excravos.

Bonny light rose from a very poor production volume of 167,582 barrels in September to hit 1.616 million barrels for the month.

Another crude type – Brass also rose from a meagre 172,814 barrels to reach 358,671 barrels in the month of October.

Qua Iboe maintained its production output of 4.984 million barrels in October, a very little difference from the 4.97 million barrels output in September.

Meanwhile, production output for Forcados increased massively from 134,437 barrels to hit 2.519 million barrels for the month under review while the production capacity for Excravos hit 4.532 million barrels, showing an increase from the 3.272 million it produced in the previous period.

Despite the improved performance, the output is still not enough to augment the current status of the country’s oil-dependent economy as the output figure is still a far cry from the Organization of Petroleum Exporting Countries (OPEC) allocation of 1.826 million BPD for the month of October.