Nigeria Misses H1 Budget Oil Target Amid Steady Production Recovery

Nigeria's upstream sector has shown steady recovery in production levels, despite missing its first half budget crude oil target by 38.4 million barrels and a potential gross revenue gap of about $2.49 billion.

According to data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), total liquids production averaged 1.626 million barrels per day (bpd) between January and June, compared with the budget benchmark of 1.84 million bpd.

Nigeria underproduced its budget target by an average of 213,815 bpd during the six-month period, representing a shortfall of 11.6 percent, despite slightly exceeding its 1.5 million bpd crude oil production quota approved by OPEC.