A review of the Nigerian National Petroleum Company Limited (NNPC) financial statement has revealed that crude oil worth N485.6 billion was not lifted in the 2024 financial year. These unlifted stocks were listed under “stock under lift” in the statement.

According to the document, unlifted crude oil by Joint Ventures and operators included:

• NEPL/ELCREST OML 40 – N21.1 billion
• NEPL/NAOC JOA (OML 60–63) – N80.2 billion
• Okono/Okpoho/NEPL JV (OML 119) – N37.9 billion
• NEPL/NECONDE OML 42 – N49.5 billion
• Oredo/Oziengbe (OML 111) – N17.3 billion
• NEPL/Sterling OML 13 – N113 billion
• Seplat/NEPL JV (OML 4, 38, 41) – N157.7 billion
• NEPL/Pan Ocean (OML 98) – N8.6 billion

Earlier reports indicated that Nigeria has struggled to meet its crude oil production quota set by the Organization of Petroleum Exporting Countries (OPEC). The country averaged 1.401 million barrels per day in 2024, below the stipulated OPEC quota of 1.5 million barrels daily. Production during the third quarter of 2025 averaged 1.444 million barrels per day, down from 1.48 million in the second quarter and 1.46 million in the first quarter.

Data from OPEC showed that Nigeria’s monthly production from December 2024 to September 2025 fell below quota in seven out of ten months. Factors such as sabotage, pipeline vandalism, and poor sector management continue to constrain production, despite the country’s capacity to produce more.

Nigeria has also faced challenges supplying crude to domestic refineries. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reported that 67,657,559 barrels of crude were supplied to local refiners between January and August 2025. However, local refineries were projected to require 123.4 million barrels in the first half of the year, meaning over 55.8 million barrels were not supplied, representing a 45% domestic crude shortfall.

The shortfall has forced Nigeria to rely heavily on fuel imports. Foreign trade data revealed that the country imported fuel worth N4.13 trillion between January and June 2025. Industry experts warn that continued production and lifting shortfalls could undermine Nigeria’s revenue generation and economic growth.