The Nigerian Upstream Petroleum Regulatory Fee (NUPRC) says the nation is on observe to realize a crude oil manufacturing goal of two.5 million barrels per day by 2026.
NUPRC Chief Government, Gbenga Komolafe, stated this on Thursday in Abuja throughout the 4th PENGASSAN and Labour Summit (PEALS 2025).
The summit was themed “Constructing a Resilient Oil and Fuel Sector in Nigeria: Advancing HSE, ESG, Funding and Incremental Manufacturing.”
He famous that Nigeria’s present oil output had elevated from 1.46 million barrels per day in Oct. 2024 to 1.8 million barrels per day, with momentum constructing towards the 2026 goal.
He credited the current Presidential Government Orders below the Petroleum Trade Act (PIA) 2021 for shortening contracting cycles, lowering funding dangers, and inspiring upstream tasks.
Komolafe highlighted the fee’s efforts in deepwater exploration, reactivation of dormant fields, and adoption of enhanced restoration strategies.
He additionally referenced a current Deepwater Technical Stakeholders’ Workshop, which targeted on unlocking greater than 810,000 barrels per day in new manufacturing.
He outlined a cluster improvement technique geared toward lowering prices, sharing infrastructure, and strengthening investor confidence.
On sustainability, Komolafe stated the NUPRC’s Upstream Decarbonisation Framework focused the elimination of routine gasoline flaring by 2030 and a 60 per cent discount in methane emissions by 2031.
Nigeria’s 210 trillion cubic ft of gasoline reserves, he added, would play a key function within the power transition.
He referred to as for stronger collaboration between authorities, trade, and labour, stressing that resilience within the sector should be a deliberate effort.
Additionally talking, Jagie Baxi, Managing Director of ExxonMobil, recognized 4 vital components for enhancing Nigeria’s oil manufacturing: geology, value, threat, and reward.
He warned that regardless of Nigeria’s huge hydrocarbon assets, pure manufacturing decline, particularly in deepwater operations, remained a problem, with operators shedding about 15% per cent output yearly.
Baxi famous that top drilling and operational prices in Nigeria deterred recent funding.
He pressured the necessity for risk-adjusted incentives to retain investor curiosity and urged improved collaboration amongst stakeholders to resolve disputes and revive underperforming fields.
