Unveiling Nigeria’s Oil Powerhouse: A Deep Dive into its Production Profile.
Recent data from Statista presents a stark narrative of Nigeria’s crude oil production trajectory over a span of 23 years.
At its zenith, Nigeria recorded a peak crude oil production of 2.5 million barrels per day (mbpd), but as of August 2023, this figure stands at 1.1 mbpd.
Delving into history, the numbers paint a more detailed picture. In the year 2000, Nigeria’s crude oil production averaged 2.15 mbpd, followed by an increase to 2.26 mbpd in 2001.
The subsequent years saw fluctuations: 2.08 mbpd in 2002, 2.23 mbpd in 2003, and a peak of 2.52 mbpd in 2005.
However, the zenith was short-lived. From 2006 to 2016, a gradual decline set in, with production dropping to 1.89 mbpd in 2016.
While there were minor recoveries in 2017 and 2018 (1.96 mbpd and 2 mbpd respectively), the trend turned sharply downwards.
In 2022, Nigeria’s crude oil production plummeted to 1.45 mbpd, even worse, in the month of August 2022, the country produced 972,000 barrels per day at the height of crude oil theft activities.
Looking at 2023, data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reflects a range between 1 mbpd in April 2023 and a peak of 1.26 mbpd in March 2023, considering oil production excluding condensates.
This ongoing trend underscores the critical need to address the factors contributing to this decline and to strategize for a more sustainable and robust oil production landscape in Nigeria’s future.
