Nigeria Crosses 1.8 Million Barrel Milestone, Edges Closer to 2025 Budget Target
Nigeria achieved a significant milestone in July by surpassing 1.8 million barrels per day in peak oil production for the first time this year, bringing the country closer to meeting its ambitious 2025 budget benchmark of 2.06 million barrels per day. The Nigerian Upstream Petroleum Regulatory Commission announced that average production during July hovered around 1.78 million barrels per day.
This achievement provides crucial momentum for Nigeria’s N55 trillion national budget, which was built on the assumption of 2.06 million barrels per day production and a benchmark crude price of $75 per barrel. The government expects oil revenues to contribute approximately N19.6 trillion from the petroleum sector.
NUPRC Chief Executive Gbenga Komolafe attributed the success to the commission’s Project 1 MMBOPD incremental initiative and multi-stakeholder collaborative approach. The regulatory body is implementing Maximum Efficient Rate frameworks and optimizing operational schedules to minimize production disruptions while pursuing cluster development strategies for shallow and deepwater resources.
Source: thisdaylive.com
