The Nigerian Oil And Gas Sector: 2024 In Review And An Outlook For 2025

Nigeria’s oil and gas sector recorded a mix of highs and lows in 2024. 

In terms of crude production, going by the production numbers reported by the Nigerian Upstream Petroleum Regulatory Commission (the “NUPRC”), the crude production  per day was an average of one million, five hundred and forty (1,540,000) barrels of oil per day (“bpd”) as compared to one million, three hundred and forty (1,340,000) bpd average production in 2023. This shows that there was an increase of over fourteen per cent (14%) in crude oil production in 2024 as against the volume produced in 2023. However, we note that the 2024 production numbers fell short of the targeted production volume of one million, seven hundred and eighty (1,780,000) bpd which was used in preparing the year’s budget. Correspondingly, Nigeria’s crude oil production also fell short of the Organisation of Petroleum Exporting Countries (OPEC)’s quota for the year 2024.