Deborah Akinyosoye
The Nigerian Upstream Regulatory Commission, NUPRC, said the nation’s oil output has exceeded 1.7 million barrels per day, bpd, several times this year.
Chief Executive of the Commission, Engr. Gbenga Komolafe disclosed this at the capacity building training for journalists in Lagos, yesterday.
He also said Nigeria’s rig count, an index for measuring upstream activities also improved while Final Investment Decisions, FIDs, valued in billions of dollars have been taken, and within the last 10 months.
He said: “Our rig count has risen to nearly 70, with over 40 rigs active. Final Investment Decisions valued in billions of dollars have been taken, and within the last 10 months, we have approved Field Development Plans worth approximately $20 billion.
Accordingly, this year alone, Nigeria’s daily crude oil production has, on multiple occasions, exceeded 1.7 million barrels per day, demonstrating our capacity to surpass OPEC targets. Our rig count has risen to nearly 70, with over 40 rigs active. Final Investment Decisions valued in billions of dollars have been taken, and within the last 10 months, we have approved Field Development Plans worth approximately $20 billion.
“Looking ahead, the NUPRC remains fully committed to the national aspiration of adding one million incremental barrels of oil per day to our daily production profile. To this end, the Commission will conduct another licensing round on December 1, 2025, one that we anticipate will be even more transparent and globally competitive than the 2024 round. This initiative is designed to open new frontiers, unlock fresh prospects and further strengthen our reserves base.
“However, as we advance these reforms and attract much-needed investments, the role of the media becomes more critical. Nigeria’s position as Africa’s leading producer depends not just on policy, regulation and geology, but also on how the nation’s story is told. The oil and gas sector is highly sensitive to perception and your reporting has the power to reassure investors or deter them.”