FG unveils plan to boost oil production by 1m barrels per day in 24 months

The Federal Government, through the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has announced an ambitious plan to increase oil production by one million barrels per day (bpd) within the next 12 to 24 months. This initiative aims to raise the country’s output from 1.6 million to 2.6 million bpd by 2026, enhancing energy production and fostering economic growth.

The announcement was made by NUPRC Chief Executive Officer, Gbenga Komolafe, during the commission’s third-anniversary event in Abuja. He described the initiative, dubbed the “Project One Million Barrels Increase of Oil Per Day Initiative,” as an industry-wide effort to unlock incremental production capacity over the short and medium terms.

Komolafe emphasized that the project requires the collaboration of producers, service providers, financiers, rig owners, and crude oil off-takers to ensure sustainable growth.

“Our actions today are pivotal to production sustainability, energy security, and economic resilience,” he said. “I urge all partners, investors, and stakeholders to join hands with the government on this journey.”

Read also: FG targets 2.3 million barrels per day oil production by 2025

The project underscores the government’s commitment to improving production efficiency and stabilizing the energy sector as part of Nigeria’s national economic strategy.

While welcoming the initiative, Minister of Petroleum Resources (Oil), Heineken Lokpobiri, suggested a more ambitious goal, urging that production be increased to 2.5 million bpd.

Despite Nigeria’s recent struggles to meet the 1.5 million bpd production quota set by the Organisation of Petroleum Exporting Countries (OPEC), the new initiative signals a renewed drive to scale up production. The government also set long-term targets to achieve 4 million bpd of oil and 10 billion cubic feet of gas output by 2030.

This plan reflects Nigeria’s resolve to enhance energy security, boost economic resilience, and position itself as a leading oil producer in the global market. With the project underway, all eyes are on the next phase as stakeholders mobilise to meet the ambitious targets.