The NUPRC data, however, showed that when condensate is added to the total output figures, Nigeria’s total production for the period increased to 136.6 million barrels in the first three months of 2023.
The total monthly output after the addition of condensates increased to 46.3 million barrels in January, 43.3 million barrels in February and 47 million barrels in March 2023.
Recall the ₦20.5 trillion 2023 budget was based on a projection of 1.69 million barrels per day (BPD) of oil production (inclusive of condensates of 300,000 to 400,000 barrels per day) while the OPEC quota for Nigeria was pegged at 1.8 million BPD.
