Nigeria’s crude oil manufacturing drops to 1.53 million bdp in October 2024 — NUPRC  

Nigeria’s crude oil manufacturing skilled a slight decline in October 2024, dropping from 1.54 million barrels per day (bpd) to 1.53 million bpd.

That is in line with the most recent month-to-month oil manufacturing standing report launched by the Nigerian Upstream Petroleum Regulatory Fee (NUPRC) and obtained by Nairametrics.

Not like the OPEC report, which focuses solely on crude oil manufacturing excluding condensates, the NUPRC report offers a complete view, together with each blended and unblended condensates.

The info reveals a marginal enhance in crude oil manufacturing to 1.33 million bpd in October from 1.32 million bpd in September, aligning with OPEC’s main supply information reported by Nairametrics final two weeks.

Furthermore, the NUPRC report highlights a rise in blended condensates to 44,134 bpd, whereas unblended condensates declined to 160,672 bpd throughout the identical interval.

In complete, Nigeria’s crude oil manufacturing, together with condensates, stood at 1,538,129 bpd in October 2024.

What are Condensates  

Condensate in crude oil refers to a lightweight hydrocarbon liquid that’s usually produced alongside pure gasoline. When crude oil and pure gasoline are extracted from underground reservoirs, the hydrocarbons might exist in a gaseous state because of the excessive temperature and strain throughout the reservoir.

• Nevertheless, because the temperature and strain lower throughout extraction and as they attain the floor, a few of these hydrocarbons condense right into a liquid type, which is called condensate.
• In sure conditions, condensate will be blended with heavier crude oil to boost its movement properties. This course of helps cut back the viscosity of the oil, making it simpler to move by way of pipelines and different infrastructure.
• Moreover, condensates are beneficial within the power and petrochemical industries as a consequence of their excessive content material of sunshine hydrocarbons, resembling ethane, propane, and butane.

These parts are important feedstocks for producing a spread of merchandise, together with plastics, chemical compounds, and fuels, making condensate an vital useful resource in world power markets.

What you must know 

The oil sector continues to grapple with challenges stemming from insecurity and low funding, additional aggravated by the departure of worldwide oil corporations (IOCs) and lingering disputes over the approval of oil asset transfers.

• The Nigerian Nationwide Petroleum Company (NNPC) Restricted has introduced renewed efforts to deal with the obstacles hampering crude oil manufacturing, which has remained stagnant over the previous 5 months.
• NNPC additionally claimed to have achieved a manufacturing degree of 1.8 million barrels per day in November. Nevertheless, this assertion seems questionable, as most accessible information don’t point out any vital upward pattern in crude manufacturing to this point.

The November manufacturing figures, set to be launched in the course of subsequent month, will both validate or refute the claims made by the nationwide oil firm.