The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has predicted that local refineries in the country would need an average of 770,500 barrels of crude oil in the first quarter of 2025.
The Chief Executive Officer of NUPRC, Engr. Gbenga Komolafe, made this known in a statement issued to unveil the crude oil production forecast of producing oil companies and the refining requirement of functional refineries in Nigeria in the first quarter of the new year on Wednesday, January 1, 2025.
Komolafe however noted that the forecast crude oil requirement was about 37 per cent of the 2,066,940 Bopd average daily production in the first half of 2025.
He said: “The move is pursuant to Section 109 of the Petroleum Industry Act (PIA), 2021 and it is aimed at effective capacity utilisation of the nation’s domestic refineries by ensuring a consistent supply of crude oil.
“This comprehensive data provides insights into the projected crude oil needs for the refineries, crucial for understanding the energy landscape in Nigeria for the first half of 2025.
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“The forecasted daily crude requirement for Refineries which is 770,500 bpd, is about 37% of the forecasted first half 2025 average daily production of 2,066,940 bpd.
“However, it will be recalled that in October 2024, NUPRC launched Project 1 Million Barrels which is expected to favourably impact the national production. NUPRC is leveraging the capacity of upstream operators to meet the target daily production of 2,500,000 bpd in the short term.
“This strategic initiative aligns with Nigeria’s commitment to bolstering its domestic refining capacity and ensuring the sustainability of its oil industry.
“The first half of 2025 is expected to witness increased synergy between local refineries and producing companies, setting the stage for a more robust and self-reliant petroleum landscape in Nigeria.”
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