The Nigerian Upstream Petroleum Regulatory Commission has presented a strategy to increase Nigeria’s crude oil production to 2.1 million barrels per day by 2025.
The Commission’s Chief Executive Officer, Gbenga Komolafe, shared the target in a tweet seen by THE POINT.
He made the announcement while appearing before the Senate Finance Committee.
“NUPRC is targeting 2.1 million barrels of oil per day by 2025,” Komolafe told lawmakers.
He further highlighted the significant progress the Commission has made since its inception in 2021.
The CEC noted that the number of platforms in Nigeria, from 16 in 2021, has now doubled to 32 under the supervision of the NUPRC.
“This increase reflects ongoing efforts to boost upstream activities and improve the country’s crude oil production capacity,” Komolafe explained.
The production target is designed to strengthen Nigeria’s position as a competitive and sustainable player in the global oil and gas industry.
The increase in production to 2.1 million barrels per day will put Nigeria above its OPEC quota and generate higher revenue for the government.
Nigeria’s production, including condensate, rose 11% from 1.333 million barrels in October to 1.486 million barrels in November 2024, according to a recent OPEC report.
The increase coincides with the start of a project that will add one million barrels per day starting in August 2024.
The project aims to add 1 million barrels of crude oil per day to Nigeria’s production. In the same context, President Bola Tinubu’s 2025 budget titled “Recovery Budget: Securing Peace, Rebuilding Prosperity”, projects oil production at 2.06 million barrels per day, with an expected expenditure of N49.74 trillion.
