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Nigeria’s crude oil output drops to 1.53m bpd – NUPRC

Nigeria's crude oil production fell slightly in October 2024, from 1.54 million barrels per day to 1.53 million bpd, according to the Nigerian Upstream Petroleum Regulatory Commission's most recent oil production status report.

Unlike OPEC reports, which exclude condensates, the NUPRC report provides a more comprehensive analysis, including both blended and unblended condensates.

The figures show that Nigeria's crude oil production increased slightly to 1.33 million bpd in October from 1.32 million bpd in September, which is consistent with OPEC's primary source data previously reported.

Furthermore, the NUPRC report showed an increase in blended condensates to 44,134 bpd, while unblended condensates fell to 160,672 bpd during the time.

Nigeria's total crude oil production, including condensates, was 1,538,129 barrels per day (bpd) in October 2024.

Condensate in crude oil is a light hydrocarbon liquid produced during the extraction of natural gas and crude oil. Under the extreme temperatures and pressures of subsurface reservoirs, these hydrocarbons stay gaseous.

However, as they rise to the top and encounter lower temperatures and pressures, some condense into liquid form, known as condensate.

Condensate can be blended with heavier crude oil to lower viscosity, improve flow characteristics, and make transit easier via pipelines and other infrastructure.

Furthermore, condensates are highly prized in the energy and petrochemical industries due to their high concentration of light hydrocarbons such as ethane, propane, and butane.

These components are used as feedstocks in the production of a variety of goods, including polymers, chemicals, and fuels, making condensates a valuable resource in global energy markets.

These components are essential feedstocks for the production of polymers, chemicals, and fuels, making condensate a valuable resource in global energy markets.

The oil sector continues to face issues such as insecurity, poor investment, the exodus of multinational oil companies, and unresolved conflicts over oil asset transfers.

In response, the Nigerian National Petroleum Corporation Limited has increased its efforts to address these difficulties, as crude oil output has stagnated over the last five months.

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