From Victor Osula, Abuja
Local refineries in Nigeria, including the 650,000 barrels per day Dangote Refinery, would need an average of 770,500 barrels of crude oil daily, in the first quarter of 2025, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has projected.
Engr Gbenga Komolafe, the NUPRC Chief Executive, who made this known in a statement, said the projected crude oil requirement is about 37% of the 2,066,940 bpd average daily production in the first half of 2025.
He said the forecast is in accordance with Section 109 of the Petroleum Industry Act (PIA), 2021, and 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.
“The forecasted daily crude requirement for Refineries which is Seven Hundred and Seventy Thousand, Five Hundred barrels (770,500 Bopd), is about 37% of the forecasted first half 2025 average daily production of Two Million, Sixty-Six Thousand, Nine Hundred and Forty Barrels (2,066,940 Bopd).
“However, it will be recalled that in October 2024, NUPRC launched Project 1 million barrels which is expected to favourably impact national production. NUPRC is leveraging the capacity of upstream operators to meet the target daily production of Two Million, Five Hundred Thousand Barrels (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.”
