"Nigeria\u2019s Oil Production Nears 1.83mbpd, Targets 2.5mbpd by 2026"

" Nigeria\u2019s Oil Production Nears 1.83mbpd, Targets 2.5mbpd by 2026 \r\n\r\nNigeria\u2019s 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\u2019s \u201cOne Million Barrels Initiative\u201d launched in 2024.\r\n\r\nGbenga 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.\r\n\r\nSpeaking 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.\r\n\r\nThe strategy includes reactivating dormant fields, accelerating regulatory approvals, and improving operational efficiency across the upstream value chain.\r\n\r\n\u201cEqually 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,\u201d he added.\r\n\r\nAccording to Komolafe, enforcing the domestic crude supply obligation (DCSO) is also ensuring steady feedstock for local refineries, helping to strengthen Nigeria\u2019s internal fuel supply chains and bolster long-term economic resilience.\r\n\r\nHydrocarbons remain central to Nigeria\u2019s economy, accounting for nearly 90 percent of foreign exchange earnings and about 70 percent of government revenue.\r\n\r\nKomolafe said the government recognises that sustaining the sector\u2019s long-term viability will require balancing production growth with climate responsibility.\r\n\r\nLatest report from the Organisation of Petroleum Exporting Countries (OPEC) revealed that Nigeria\u2019s average daily crude production rose to 1.50 million bpd in July, surpassing OPEC\u2019s quota and signalling a gradual recovery after years of output challenges."

"Nigeria\u2019s Oil Production Nears 1.83mbpd, Targets 2.5mbpd by 2026"

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