Nigeria’s crude oil production has reached 1.75 million barrels per day (BPD) with gas production at 7 billion standard cubic feet per day (SCFD), according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
NUPRC Commission Chief Executive, Gbenga Komolafe, disclosed this during the Renewed Hope Global Town Hall Conference in Abuja.
Komolafe attributed the steady increase in oil production to a reduction in oil theft and concerted efforts by stakeholders.
He recalled that oil production had fallen drastically to 1.1 million BPD in 2022 due to widespread oil theft.
However, through a combination of kinetic and non-kinetic interventions, theft has been reduced to 5,000 BPD.
“Looking ahead, the government aims to increase production by 1 million BPD by December 2026 under the Project 1 MMBPD initiative, leveraging collaboration among operators, service providers, financiers, and host communities,” he said.
Komolafe also detailed the impact of the Petroleum Industry Act (PIA), enacted in 2021, on the sector’s reforms.
He stated that since its passage, NUPRC has implemented several initiatives aimed at enhancing regulatory efficiency and attracting investments.
The commission introduced its 10-year Regulatory and Corporate Strategic Plan (2023–2033) in May 2023, followed by a Regulatory Action Plan for 2024, which outlines 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,” he said.
Komolafe explained Nigeria’s position in the global oil market, noting that, “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).”
Addressing Nigeria’s gas flare reduction efforts, he emphasized that the Nigeria Gas Flare Commercialization Programme (NGFCP) remains central to the country’s energy transition strategy.
He said the program aims to eliminate routine gas flaring, reduce methane emissions and encourage carbon capture technologies to promote cleaner energy practices.
Komolafe also revealed measures taken to curb revenue leakages and improve fiscal transparency in the sector.
“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,” he stated.
On host community engagement, Komolafe revealed that NUPRC has incorporated 137 Host Community Development Trusts (HCDTs) to foster local participation and ensure stability in oil-producing regions.
Also, the commission has established an Alternative Dispute Resolution Centre (ADRC) to resolve conflicts efficiently and minimize disruptions to oil and gas operations.
Speaking on Nigeria’s investment climate, Komolafe assured that the country is ready for business and committed to global competitiveness.
“In light of all these developments, 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 Nigeria’s full hydrocarbon potential while driving sustainable development.
The commission’s efforts, along with the Project 1 MMBPD initiative, are expected to not only boost oil output but also reinforce Nigeria’s position as a key player in the global energy sector.
