Abuja, Feb. 17, 2025 – The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has predicted that Nigeria’s crude oil production will increase by one million barrels per day by 2026.
Gbenga Komolafe, its Chief Executive, made the prediction during the Renewed Hope Global Town Hall Conference in Abuja.
He said crude oil production in Nigeria now averaged 1.75 million barrels per day, with a gas production rate of 7 billion standard cubic feet per day.
According to a statement by Olaide Shonola, the Spokesperson for the commission, Komolafe said Nigeria is ranked as Africa’s second-largest oil reserve holder and the largest gas reserve holder.
He said the country’s oil reserves is estimated at 37.5 billion barrels, while gas reserves stand at 209 trillion cubic feet.
Komolafe said NUPRC had launched its 2024 Licensing Round offering 24 oil and gas assets to investors.
He said to attract worthwhile investors, the commission held roadshows in Houston, Miami, London, and Paris to showcase Nigeria’s energy potential.
Komolafe said NUPRC had introduced key reforms which were already yielding positive results.
He said through the reforms, the country had been able to reduce the volume of stolen crude oil in the country to about 5,000 barrels per day.
He said this facilitated oil production to rise to 1.75 million bpd as of January 2025.
The NUPRIC boss said that since the enactment of the Petroleum Industry Act in 2021, the commission had initiated several reforms to enhance regulatory effectiveness and attract investments.
“In May 2023, the commission unveiled its 10-year Regulatory and Corporate Strategic Plan (2023–2033), followed by a Regulatory Action Plan for 2024, detailing key industry reforms.
“These reforms aim to increase oil and gas reserves and production, Enhance hydrocarbon accounting transparency, Achieve cost efficiency and decarbonization, Ensure host community stability, and Reduce the carbon footprint of upstream operations.
“To ensure fiscal transparency, NUPRC has implemented regulations on hydrocarbon metering, fiscal oil price determination, and cargo declaration systems to curb revenue leakages and crude oil theft.” (GBN)
