•NUPRC projects 2.6m bpd oil production in coming months
Federal Government has said the volume of crude oil being stolen by oil thieves has reduced to about 155,000 barrels per month against the over 3.3 million barrels stolen monthly in 2022.
The Nigerian Upstream Regulatory Commission (NUPRC) has also disclosed that host communities have received about N78.8 billion from oil companies since the Petroleum Industry Act (PIA) was passed.
The commission, at a Renewed Hope Global Town Hall Conference in Abuja, said the country’s oil production, standing at 1.7 million barrels per day (bpd), would move to 2.6 million bpd in 2026.
In his remarks at the event, the Chief Executive of the commission, Gbenga Komolafe, said the sector was faced with the challenge of exploration and growth in oil reserves.
For over a decade, Nigeria has set many targets of increasing its crude oil reserves to 40 billion barrels, but the plan has been elusive as the reserves, according to the NUPRC, currently stand at about 37 billion barrels, the same volume over 10 years ago.
Komolafe also noted that crude oil theft, vandalism, funding, energy transition, crude oil evacuation crisis as well as rigs and vessels remained critical challenges, but an opportunity for the sector.
He called for a policy shift to strengthen Nigeria’s energy security and economic growth, adding that Nigeria remained Africa’s second-largest holder of crude oil reserves at 37.5 billion barrels and the largest holder of gas reserves with 209 trillion cubic feet (TCF).
Komolafe noted that current oil production had risen to 1.75 million bpd with a gas production rate of seven billion standard cubic feet per day (SCFD).
He linked the progress to the enactment of the PIA and the introduction of several reforms, including the unveiling of a 10-year Regulatory and Corporate Strategic Plan (2023–2033) and the 2024 Regulatory Action Plan to improve governance, attract investment, and enhance industry efficiency.
Komolafe stated that oil theft had pushed production down to 1.1 million bpd in 2022, but government interventions reduced theft to 5,000 bpd, leading to a rise in production to 1.7 million bpd.
He said the Nigeria Gas Flare CommercialisationProgramme (NGFCP) remained central to the country’s energy transition, focusing on eliminating routine gas flaring, reducing methane emissions, and implementing carbon capture technologies.
He also noted that the Carbon Credits Earning Framework was also being developed to monetisedecarbonisation efforts.
On revenue growth, Komolafe said NUPRC had consistently surpassed its targets, exceeding budgeted revenue collection by 84 per cent in 2024.
