Nigeria’s oil production now 1.75mbpd, as NUPRC targets additional 1mbpd by 2026

Crude oil production in Nigeria currently averages 1.75 million barrels per day (BOPD), with a gas production rate of 7 billion standard cubic feet per day (SCFD), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has revealed.

Gbenga Komolafe, Commission Chief Executive of NUPRC disclosed this at the Renewed Hope Global Town Hall Conference in Abuja, where he highlighted reforms and achievements in Nigeria’s oil and gas sector.

According to Komolafe, challenges, including oil theft led to a drastic drop in production to 1.1 million BOPD in 2022, adding that through kinetic and non-kinetic interventions, oil theft has significantly reduced to 5,000 BOPD, leading to a steady production increase to 1.7 million BOPD.

“Looking ahead, the government aims to increase production by 1 million BOPD by December 2026 under the Project 1 MMBOPD initiative, leveraging collaboration among operators, service providers, financiers, and host communities,” he said.

He explained that since the enactment of the Petroleum Industry Act (PIA) in 2021, the NUPRC has driven several initiatives to enhance regulatory effectiveness and attract investments. The commission unveiled its 10-year Regulatory and Corporate Strategic Plan (2023–2033) in May 2023, followed by a Regulatory Action Plan for 2024, detailing key industry reforms.

“These reforms focus on increasing oil and gas reserves and production, enhancing hydrocarbon accounting transparency, achieving cost efficiency and decarbonization in upstream operations, ensuring stability in host communities, and reducing the carbon footprint of oil and gas activities.

“Africa accounts for five of the world’s top oil-producing countries, and Nigeria stands as the continent’s second-largest oil reserve holder and the largest gas reserve holder, with oil reserves estimated at 37.5 billion barrels, while gas reserves stand at 209 trillion cubic feet (TCF),” he said.

Speaking on the Nigeria Gas Flare Commercialization Programme (NGFCP), the CCE assured that the project is at the forefront of the country’s energy transition strategy and aims to eliminate routine gas flaring, reduce methane emissions, and encourage carbon capture technologies.

He also noted that 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.

“On Host Community Engagement and Regulatory Transparency, the Commission has incorporated 137 Host Community Development Trusts (HCDTs) to foster local participation and stability in oil-producing regions. Furthermore, the Alternative Dispute Resolution Centre (ADRC) has been established to resolve conflicts efficiently, reducing disruptions to oil and gas operations.

“In light of all these developments, emphasized that Nigeria is more ready for business than ever, citing the government’s commitment to regulatory certainty, investment-friendly policies, and global competitiveness.

“With a stable political environment, a growing gas economy, and a clear roadmap for energy transition, Nigeria positions itself as a prime destination for energy investments in Africa,” he added.

He reaffirmed NUPRC’s commitment to collaborating with global investors, financiers, and energy stakeholders to unlock the nation’s full hydrocarbon potential while driving sustainable development.