ByTsvetana Paraskova– Feb 17, 2025, 5:00 AM CST
The Nigerian government aims to boost the country’s oil production by 1 million barrels per day (bpd) by December 2026, from the current 1.75 million bpd, the head of the upstream regulator of Africa’s top crude producer said.
Thanks to a government crackdown on oil theft, losses have declined by 5,000 bpd and current oil output in the country is at about 1.75 million bpd, Gbenga Komolafe, chief executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), said at a town hall conference this weekend.
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Oil theft and pipeline vandalism have long plagued Nigeria’s upstream oil and gas industry, driving majors out of the biggest OPEC producer in Africa and often resulting in force majeure at the key crude oil export terminals.
Currently, Nigeria pumps 1.75 million bpd of oil and 7 billion standard cubic feet per day (SCFD) of natural gas production, Komolafe said.
“Looking ahead, he said the government aims to increase production by 1 million BOPD by December 2026 under the Project 1 MMBOPD initiative, leveraging collaboration among operators, service providers, financiers, and host communities,” NUPRC said.
Nigeria is “more ready for business than ever,” the executive said, adding that the federal government is committed to regulatory certainty, investment-friendly policies, and global competitiveness.
Last week, Nigeria took a step closer to boosting natural gas supplies to Europe after it signed deals for the construction of the Trans-Saharan Gas Pipeline with Algeria and Niger. The Trans-Saharan Gas Pipeline will stretch 4,400 km to bring natural gas from Nigeria’s fields via the Republic of Niger and Algeria to Europe’s gas network.
At the end of last year, Shell’s Nigerian subsidiary approved the Bonga North deep-water project off the coast of Nigeria. Bonga North, which will be a subsea tie-back to the Shell-operated Bonga Floating Production Storage and Offloading (FPSO) facility, will reach a peak production of 110,000 bpd, with first oil anticipated by the end of the decade, the supermajor said.
By Tsvetana Paraskova for Oilprice.com
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