Nigeria Targets 2.24 Million Barrels Per Day as Oil Sector Booms
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced that the country’s technical potential for crude oil production stands at an impressive 2.24 million barrels per day (bpd), setting the stage for significant economic growth in the sector.
Speaking at the ongoing 2025 Nigeria International Energy Summit (NIES) in Abuja on Wednesday, Gbemga Komolafe, CEO of NUPRC, outlined Nigeria’s progress in optimizing oil production and bridging the gap between current output and potential capacity.
Komolafe highlighted that crude oil production has surged by 70 per cent, climbing from one million bpd in 2021 to 1.75 million bpd in 2024. Additionally, he noted that between 2023 and 2024, the country’s oil reserves grew by 1.43 per cent to reach 37.5 billion barrels, while gas reserves saw a modest 0.21 per cent increase, hitting 209.26 trillion cubic feet.
“While our current production averages 1.75 million barrels per day, our technical potential is 2.24 million bpd,” Komolafe stated. “The commission is working diligently to close the gap through enhanced transparency, stronger collaboration with exploration and production (E&P) companies, financial viability measures, and accelerated field developments.”
To further optimize production, the NUPRC is embracing innovative oil recovery technologies, cutting costs, reducing entry barriers, and streamlining operations.
As part of these efforts, the commission has also launched new licensing rounds, having completed the 2022/2024 bid process, awarding 27 petroleum prospecting licenses (PPLs) across various terrains. Plans are already underway for the 2025 bid round, adopting an annual licensing framework to stimulate investment.
“At this point, it is worth highlighting that the Commission has been acquiring high-quality geological and geophysical data through multi-client service arrangements,” Komolafe noted. “This proactive approach ensures access to critical data, enhancing decision-making and attracting strategic investments that will shape the future of Nigeria’s oil and gas industry.”
Another key milestone in the industry’s expansion is the rapid increase in Nigeria’s rig count, which has grown from just eight in 2021 to 40 in 2024. Komolafe confidently projected that this number will hit 50 by the end of 2025, marking a significant leap in industry activity.
“These numbers are not just statistics; they reflect a vibrant and growing industry, fueled by effective regulatory policies,” Komolafe said.
In its pursuit of reaching 40 billion barrels of oil and 220 trillion cubic feet of gas, the commission is aggressively driving exploration activities and fast-tracking development initiatives. Additionally, efforts to reactivate shut-in wells and capitalize on easily accessible reserves are expected to contribute significantly to achieving the recently launched ‘Project One MMBOPD’ initiative, aimed at adding an extra one million barrels per day to production.
