If the goal of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to increase Nigeria’s crude oil production to 2.1 million barrels per day by 2025 is achieved, the country may exceed the quota outlined by the Organisation of the Petroleum Exporting Countries (OPEC).
OPEC, a permanent intergovernmental organisation that coordinates oil policies for its member countries and its goal is to stabilise oil prices and ensure a steady supply of oil to consumers.
The organization had allotted 1.5mbpd as quota to Nigeria.
NUPRC, in its latest oil production data, had indicated that on a month-on-month basis, daily average oil output in December 2024, declined by 1.35 percent from 1.690 million barrels per day recorded in November, 2024, to 1.667mbpd.
The Commission also disclosed that daily peak oil production in December 2024 was 1.79mbpd while the lowest daily production was 1.57mbpd.
The data showed without condensate, daily oil production was 1.484 million, indicating that Nigeria, again, failed to meet its OPEC’s oil production quota of 1.5mbpd
Meanwhile, the NUPRC’s Chief Executive Officer, Gbenga Komolafe, said in a tweet on Tuesday that the commission is targeting to increase the nation’s oil production output this year 2025.
Investors King learned that if the feat is achieved, it will boost the revenue of the country and more money will be available to cater for infrastructure and tackle hunger in the country.
Appearing before the Senate Finance Committee on Tuesday, Komolafe informed the lawmakers that NUPRC is aiming 2.1 million barrels of oil per day this year.
The Commission’s CEO mentioned the significant achievements recorded by the Commission since its inception in 2021.
Komolafe explained 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.
He said 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.