In line with Nigeria’s Petroleum Industry Act 2021, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has revealed its crude oil production forecast for the first half of 2025. Per the report, nine Nigerian refineries will process 143 million barrels of crude in the first half of the year, consuming 37% of the country’s daily production forecast of 2.07 million barrels. The chief beneficiary of the NUPRC’s crude supply is the 650,000 barrels per day Dangote Refinery, which will receive 550,000 barrels daily. Other key beneficiaries include the Warri, Kaduna, and Port Harcourt refineries, processing 75,000, 66,000, and 60,000 barrels per day respectively. This initiative aims to maximize domestic refining capacity while meeting ambitious production targets. Progress has already been noted, with Nigeria’s oil production rising by 11% in late 2024 due to initiatives like Project One Million Barrels.
Source: BUSINESS INSIDER AFRICA