Nigeria’s oil production hits 1.75m bpd, gas output at 7bn scfd

From Adana Nnamani, Abuja

The Nigerian Upstream Petroleum Regulatory has revealed that Nigeria’s oil production has hit an average of 1.75 million barrels per day (bpd), with gas production standing at 7 billion standard cubic feet per day (scfd).

The Commission’s  Chief Executive, Gbenga Komolafe, disclosed this during a conference held in Abuja at the weekend, where he listed  key reforms and achievements in the nation’s oil and gas sector.

Komolafe said that Nigeria remains Africa’s second-largest holder of oil reserves with 37.5 billion barrels and the largest holder of gas reserves at 209 trillion cubic feet (TCF).

He noted that  current production rates reflect a significant improvement from the 1.1 million bpd recorded in 2022 due to oil theft, which has now been curbed, shooting production to 5,000 BOPD after comprehensive interventions.

The NUPRC boss  attributed the increase in production to the implementation of the Petroleum Industry Act (PIA) of 2021, which has driven regulatory reforms aimed at enhancing operational efficiency, transparency, and investment attraction.

He said the government aims to increase production by 1 million bpd by December 2026 under the Project 1 MMBOPD initiative, leveraging collaboration among operators, service providers, financiers and host communities.

Komolafe also mentioned that NUPRC has consistently exceeded revenue targets as the commission outperformed its budgeted revenue collection in 2024  by 84%, marking a strong financial performance for the nation’s upstream sector.

“To ensure fiscal transparency, NUPRC has implemented regulations on hydrocarbon metering, fiscal oil price determination, and cargo declaration systems to curb revenue leakages and crude oil theft.

On Host Community Engagement and Regulatory Transparency, the Commission has incorporated 137 Host Community Development Trusts (HCDTs) to foster local participation and stability in oil-producing regions. Furthermore, the Alternative Dispute Resolution Centre (ADRC) has been established to resolve conflicts efficiently, reducing disruptions to oil and gas operations.

“In light of all these developments, Komolafe emphasised that Nigeria is more ready for business than ever, citing the government’s commitment to regulatory certainty, investment-friendly policies, and global competitiveness. With a stable political environment, a growing gas economy, and a clear roadmap for energy transition, Nigeria positions itself as a prime destination for energy investments in Africa.”

He reaffirmed NUPRC’s commitment to collaborating with global investors, financiers, and energy stakeholders to unlock the nation’s full hydrocarbon potential while driving sustainable development,” the statement signed by the Commission’s Spokesperson, Mrs Olaide Shonola added.