The Nigerian Upstream Petroleum Regulatory Commission has confirmed that the country’s technical potential for crude oil production stands at 2.24 million barrels per day bpd, surpassing the current output of 1.75 million bpd.
According to The PUNCH, the Chief Executive of NUPRC, Gbenga Komolafe, made this known during a panel session at the ongoing Nigeria International Energy Summit in Abuja.
He attributed the gap between potential and actual production to challenges such as limited adoption of advanced oil recovery technologies, high operational costs, and production inefficiencies.
“While our current production averages around 1.75 million barrels per day, our technical potential is significantly higher at 2.24 million bpd,” Komolafe stated.
“The commission is working diligently to bridge this gap through transparency, enhanced collaboration with exploration and production companies, financial viability measures, and fast-tracked field developments.”
According to him, efforts are also being made to introduce cutting-edge technologies, cut down production costs, eliminate barriers to entry, and optimize output.
To address crude oil production shortfalls, Komolafe highlighted several key initiatives, including reactivating shut-in wells and leveraging untapped opportunities.
He noted that NUPRC is determined to meet the ambitious target of adding one million barrels per day through the recently launched Project 1MMbopd.
“The potential for increased production is immense,” he emphasized. “We are actively working on Advanced Cargo Declaration Solutions and conducting an Engineering Audit of upstream measurement equipment and facilities to curb crude oil theft, eliminate revenue leakage, and maximize value.”
He also reiterated the vital role of the oil and gas sector in Nigeria’s economy, noting that it accounts for 95% of foreign exchange earnings and 70% of government revenue. He stressed that a transparent and visionary regulatory framework is crucial for sustaining the nation’s leadership in the global energy market.
Reflecting on industry growth, Komolafe disclosed that Nigeria’s oil reserves increased by 1.43% in the past year, reaching 37.5 billion barrels, while gas reserves saw a slight rise of 0.21% to 209.26 trillion cubic feet.
He further revealed that the country’s rig count has grown significantly, from eight in 2021 to 40 in 2025, with expectations to hit 50 in the coming months. Over the same period, crude oil production has climbed by 70%, from 1 million bpd in 2021 to the current 1.75 million bpd.
Looking ahead, NUPRC is targeting 40 billion barrels of oil reserves and 220 trillion cubic feet of gas through enhanced exploration and accelerated field development.
Komolafe also noted that the commission had successfully completed the 2022/2024 bid licensing round, awarding 27 Petroleum Prospecting Licenses across various terrains. He announced that NUPRC is shifting to an annual licensing round model, supported by high-quality geological and geophysical data, in preparation for the 2025 bid round.
Additionally, he highlighted recent regulatory reforms aimed at improving hydrocarbon measurement, tackling crude oil theft, and strengthening hydrocarbon accounting practices.
One of the major milestones, he said, is the Nigeria Gas Flare Commercialisation Programme, which is expected to attract approximately $2.5 billion in investments, generate significant revenue, and create numerous job opportunities.
“As we continue to push for increased production and efficiency, our focus remains on transparency, collaboration, and innovation,” Komolafe concluded.
