Oil & Gas
THE Nigerian Upstream Petroleum Regulatory Commission (NUPRC) unveils first
half 2025 crude oil production forecast of producing oil companies and the
refining requirement of functional refineries in Nigeria.
The move is pursuant to Section 109 of the Petroleum Industry Act (PIA), 2021
and it is aimed at effective capacity utilization of the nation’s domestic
refineries by ensuring a consistent supply of crude oil.
Source: Submitted by NMDPRA in line with section 10(1)(2) of the Production Curtailment and
Domestic Crude Oil Supply Obligation Regulations, 2023
This comprehensive data provides insights into the projected crude oil needs
for the refineries, crucial for understanding the energy landscape in Nigeria for
the first half of 2025.
FIRST HALF 2025 PRODUCTION FORECAST
The forecasted daily crude requirement for Refineries which is Seven Hundred
and Seventy Thousand, Five Hundred barrels (770,500 Bopd), is about 37% of
the forecasted first half 2025 average daily production of Two Million, Sixty-Six
Thousand, Nine Hundred and Forty Barrels (2,066,940 Bopd). However, it will be
recalled that in October 2024, NUPRC launched Project 1 million Barrels which
is expected to favourably impact the national production. NUPRC is leveraging
the capacity of upstream operators to meet the target daily production of Two
Million, Five Hundred Thousand Barrels (2,500,000 Bopd) in the short term.
This strategic initiative aligns with Nigeria’s commitment to bolstering its
domestic refining capacity and ensuring the sustainability of its oil industry. The
first half of 2025 is expected to witness increased synergy between local
refineries and producing companies, setting the stage for a more robust and
self-reliant petroleum landscape in Nigeria.
Engr. Gbenga Komolafe, (D. Sc), FNSE, OFR
2nd January, 2025.
C.E.
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