The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says the country is on track to achieve a crude oil production target of 2.5 million barrels per day (bpd) by 2026.
According to NAN, Gbenga Komolafe, chief executive officer (CEO) of the NUPRC, spoke on Thursday in Abuja during the 4th PENGASSAN energy and labour summit (PEALS 2025).
On August 12, the Organization of Petroleum Exporting Countries (OPEC) said Nigeria’s average daily crude oil production increased to 1.5 million bpd in July.
Speaking at the event, he said Nigeria’s oil output has increased from 1.46 million bpd in October 2024 to 1.8 million barrels per day, “with momentum building toward the 2026 target”.
Komolafe credited the recent presidential executive orders under the Petroleum Industry Act (PIA) for shortening contracting cycles, reducing investment risks, and encouraging upstream projects.
He highlighted the commission’s efforts in deepwater exploration, reactivation of dormant fields, and adoption of enhanced recovery techniques.
The NUPRC CEO also referenced a recent deepwater technical stakeholders’ workshop, which focused on unlocking more than 810,000 bpd in new production.
He outlined a cluster development strategy aimed at reducing costs, infrastructure sharing, and strengthening investor confidence.
On sustainability, Komolafe said the NUPRC’s upstream decarbonisation framework targeted the elimination of routine gas flaring by 2030 and a 60 percent reduction in methane emissions by 2031.
He said Nigeria’s 210 trillion cubic feet of gas reserves would play a key role in energy transition.
Komolafe called for stronger collaboration between government, industry, and labour, stressing that resilience in the sector must be a deliberate effort.
Also speaking, Jagie Baxi, the Managing Director of Exxonmobil, said geology, cost, risk, and reward are four critical factors for boosting Nigeria’s oil production.
He warned that in spite of Nigeria’s vast hydrocarbon resources, natural production decline, especially in deepwater operations, remains a challenge, with operators losing about 15 percent of output annually.
Baxi noted that high drilling and operational costs in Nigeria deterred fresh investment.
He stressed the need for risk-adjusted incentives to retain investor interest and urged improved collaboration among stakeholders to resolve disputes and revive underperforming fields.