The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has revealed plans to upscale Nigeria’s crude oil production to 2.1 million barrels per day in 2025.
The Commission Chief Executive, Engr. Gbenga Komolafe made the disclosure in a tweet seen by NewsNGR.
Komolafe announced this during his appearance before the Senate Committee on Appropriation.
“NUPRC targets 2.1 million barrels of oil per day for 2025,” the CCE told lawmakers.
Komolafe highlighted the significant strides made by the Commission since its establishment in 2021.
The CCE reiterated that Nigeria’s rig count, which stood at 16 as of 2021, has now doubled to 32 under the commission’s oversight.
He said the increase reflects ongoing efforts to boost upstream activities and enhance the country’s crude oil production capacity.
The CCE noted that the production target aims to position Nigeria as a more competitive and sustainable player in the global oil and gas industry.
An increase of oil production to 2.1 million barrels per day will aid the country to beat its OPEC quota and raise government revenues.
OPEC recently confirmed that Nigeria’s production, including condensates, rose by 11 per cent, from 1.333 million barrels in October to 1.486 million in November 2024.
This is attributed to the launch of the project one million barrel per day oil production back in August 2024.
The project targets additional one million barrels of crude oil per day. President Bola Tinubu hopes to spend N49.74tn in 2025.
In the budget titled ‘Budget of Restoration: Securing Peace, Rebuilding Prosperity’, the government relies on an assumption of 2.06 million barrels of oil per day.