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Olugbemi. Adeyinka Ogunleye
2 months ago
Overview
Oil production to increase by one million bpd by December 2026 ' NUPRC
The Commission Chief Executive (CCE) of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, has said the government aims to increase oil production by one million barrels per day (bpd) by December 2026 under the Project 1 MMBOPD initiative by leveraging collaboration among operators, service providers, financiers, and host communities.
The NUPRC boss, who spoke at the Renewed Hope Global Town Hall Conference in Abuja on Saturday, also highlighted reforms and achievements in Nigeria’s oil and gas sector. He acknowledged challenges, including oil theft, that led to a drastic drop in production to 1.1 million bpd in 2022. He, however, noted that through kinetic and non-kinetic interventions, oil theft has significantly reduced to 5,000 bpd, leading to a steady production increase to 1.7 million bpd. “Looking ahead, the government aims to increase production by 1 million BOPD by December 2026 under the Project 1 MMBOPD initiative, leveraging collaboration among operators, service providers, financiers, and host communities,” he said.
Speaking on Nigeria’s oil and gas potential and global positioning, he noted that Africa accounts for five of the world’s top oil-producing countries, saying 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).
