NUPRC RELEASES ITS CRUDE OIL PRODUCTION FORECAST FOR THE FIRST QUARTER OF 2025 02-01-24
By Sadiq Aminu The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has released its crude oil production forecast for the first quarter of 2025, outlining the projected crude oil needs for functional refineries in Nigeria.
In a statement by the Chief Executive officer of the Commission Mr. Gbenga Komolafe, says the move is in line with Section 109 of the Petroleum Industry Act (PIA) 2021 which aims to ensure effective capacity utilization of domestic refineries through consistent crude oil supply.
The forecasted daily crude requirement for refineries stands at 770,500 barrels (Bopd), approximately 37% of the projected average daily production of 2,066,940 Bopd for the first quarter of 2025.
The functional local refineries are, Dangote Petroleum Refinery and Petrochemicals Company limited Lagos state, Aradel Refinery River State and kaduna Refinery and Petrochemicals Company limited.
Others are port-Harcourt Refinery Company limited, Waltersmith Refinery and Petrochemicals Company limited Imo State and Warri Refinery and Petrochemicals Company limited Delta State among others.
According to the statement the first quarter of 2025 is anticipated to witness increased collaboration between local refineries and producing companies, paving the way for a more robust and self-reliant petroleum landscape in Nigeria.