Nigeria’s crude oil production saw a slight decline in October 2024, decreasing from 1.54 million barrels per day to 1.53 million bpd, according to the latest oil production status report from the Nigerian Upstream Petroleum Regulatory Commission.
Unlike OPEC’s reports, which exclude condensates, the NUPRC report offers a broader analysis, covering both blended and unblended condensates.
The data reveals a slight rise in Nigeria’s crude oil production, increasing to 1.33 million bpd in October from 1.32 million bpd in September, consistent with OPEC’s primary source data earlier reported.
Additionally, the NUPRC report shows an uptick in blended condensates to 44,134 bpd, while unblended condensates dropped to 160,672 bpd during the period.
Nigeria’s total crude oil production, including condensates, reached 1,538,129 barrels per day (bpd) in October 2024.
Condensate in crude oil refers to a light hydrocarbon liquid that forms during the extraction of natural gas and crude oil. Under the high temperature and pressure of underground reservoirs, these hydrocarbons remain in a gaseous state.
However, as they are brought to the surface and experience lower temperatures and pressures, some condense into liquid form, known as condensate.
Condensate can be blended with heavier crude oil to reduce its viscosity, improving flow properties and facilitating easier transportation through pipelines and other infrastructure.
Additionally, condensates are highly valued in the energy and petrochemical industries for their rich content of light hydrocarbons, such as ethane, propane, and butane.
These components serve as essential feedstocks for manufacturing various products, including plastics, chemicals, and fuels, positioning condensates as a critical resource in global energy markets.
These components are key feedstocks for producing plastics, chemicals, and fuels, making condensate a vital resource in global energy markets.
The oil sector faces persistent challenges from insecurity, low investment, the exit of international oil companies, and unresolved disputes over oil asset transfers.
In response, the Nigerian National Petroleum Corporation Limited has launched renewed efforts to tackle these issues, as crude oil production has stagnated over the past five months.
