Despite the numerous challenges besetting the Nigerian oil sector, the country produced over 2.86 billion barrels of crude and condensate within a period of five years, a THISDAY analysis of available data spanning 2020 to 2024 has shown.
The data sourced from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) indicated that during the period under consideration, there were fluctuations in the quantity of the commodity pumped, brought about by both local and international oil industry dynamics.
The review showed that 2020 saw the highest crude oil output within the period, hitting a volume of 670.8 million barrels of oil, as Nigeria continued to enjoy the yields from previous investments in the sector.
In 2021, the country’s production fell to 590.7 million barrels of crude in the aftermath of a directive by the Organisation of Petroleum Exporting Countries (OPEC) to members to drastically cut down on oil production as demand shrank after the COVID 19 pandemic.
For years, the upstream sector of Nigeria’s oil industry, which includes exploration, drilling, and production of crude oil and natural gas, has faced numerous challenges that hinder its efficiency and growth.
