• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Features

Nigeria’s Oil Production Nears 1.83mbpd, Targets 2.5mbpd by 2026

2 months ago
in Features, highlights, Home, home-news, latest News
1 min read
0 0
0
31
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Nigeria’s Oil Production Nears 1.83mbpd, Targets 2.5mbpd by 2026

Nigeria’s oil sector is showing signs of renewed momentum as crude production edges closer to 1.83 million barrels per day (mbpd), driven by the federal government’s “One Million Barrels Initiative” launched in 2024.

Gbenga Komolafe, chief executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), said on Thursday that current unreconciled daily production is averaging between 1.7 million and 1.83 million bpd, a significant rise from the 1.46 million bpd recorded when the initiative began.

Speaking at the 50th anniversary conference of the Nigerian Association of Petroleum Explorationists (NAPE) in Lagos, he also noted that the scheme is designed to lift output to 2.5 mbpd by 2026.

The strategy includes reactivating dormant fields, accelerating regulatory approvals, and improving operational efficiency across the upstream value chain.

“Equally crucial is the protection and optimisation of national hydrocarbon assets. The approval of 37 new evacuation routes, coupled with intensified collaboration with national security agencies, has significantly curtailed crude theft and enhanced accountability across the industry,” he added.

According to Komolafe, enforcing the domestic crude supply obligation (DCSO) is also ensuring steady feedstock for local refineries, helping to strengthen Nigeria’s internal fuel supply chains and bolster long-term economic resilience.

RelatedPosts

Government Announces Death of Former First Lady Nana Konadu Agyeman-Rawlings

New UN Forum Aims to Tackle Developing Economies’ Debt Issues

Dangote Plans 10% Sale of Refinery Shares

Hydrocarbons remain central to Nigeria’s economy, accounting for nearly 90 percent of foreign exchange earnings and about 70 percent of government revenue.

Komolafe said the government recognises that sustaining the sector’s long-term viability will require balancing production growth with climate responsibility.

Latest report from the Organisation of Petroleum Exporting Countries (OPEC) revealed that Nigeria’s average daily crude production rose to 1.50 million bpd in July, surpassing OPEC’s quota and signalling a gradual recovery after years of output challenges.

Source: businessdayng
Via: norvanreports
Tags: Nigeria’s Oil Production Nears 1.83mbpdTargets 2.5mbpd by 2026

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

No Result
View All Result

Highlights

CAL Bank’s Total Assets Drop by GHS 1.42bn in Q3 2025; CAR Remains Below Regulatory Threshold

Former First Lady Nana Konadu Agyeman-Rawlings Passes Away at 77

GFA President Commends Ghanaian Media, Calls For Continued Collaboration to Advance Football Development

Africa Loses $5bn Annually to Forex Transactions, Says AfCFTA Secretariat

World Bank Unveils IFC2030 Strategy to Boost Private Capital and Job Creation

Domestic Debt Surpasses External Debt for the First Time in Years

Trending

Features

Government Announces Death of Former First Lady Nana Konadu Agyeman-Rawlings

October 23, 2025

Government Announces Death of Former First Lady Nana Konadu Agyeman-Rawlings The Government of Ghana has announced with...

New UN Forum Aims to Tackle Developing Economies’ Debt Issues

October 23, 2025

Dangote Plans 10% Sale of Refinery Shares

October 23, 2025

CAL Bank’s Total Assets Drop by GHS 1.42bn in Q3 2025; CAR Remains Below Regulatory Threshold

October 23, 2025

Former First Lady Nana Konadu Agyeman-Rawlings Passes Away at 77

October 23, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.