Federal Government, via the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced plans to increase crude oil production to 2.5 million barrels per day by 2026 through strategies like unlocking deepwater potential, reviving dormant fields, and expediting project approvals.
NUPRC Chief Executive Gbenga Komolafe, speaking at the 2025 Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN )Summit in Abuja, highlighted reforms under the Petroleum Industry Act 2021 and Presidential Executive Orders that reduced contracting cycles from 36 to six months, making Nigeria an attractive investment destination.
It is said that the “one million barrels per day” initiative, using shared infrastructure and recovery techniques, has boosted production from 1.46 million barrels in October 2024 to 1.8 million currently. Komolafe emphasized a gas-centric decarbonization approach amid global energy transitions, noting hydrocarbons’ continued relevance. Additionally, NUPRC completed a transparent, merit-based review of marginal field licenses due for renewal, with results submitted to the Minister of Petroleum for approval, ensuring compliance with milestones outlined in the Petroleum Industry Act.
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