Nigeria’s Crude Oil Production Potential Hits 2.24 Million BPD, Says NUPRC

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has revealed that Nigeria’s technical potential for crude oil production stands at 2.24 million barrels per day (bpd), significantly higher than the current production quota of 1.75 million bpd.

This announcement was made by Gbenga Komolafe, the Chief Executive of NUPRC, during the ongoing Nigeria International Energy Summit in Abuja on Wednesday.

Crude Oil Production Progress

Komolafe highlighted that Nigeria’s crude oil production has surged by 70% since 2021. Despite this growth, the country’s current production averages around 1.75 million bpd, falling short of its full technical potential of 2.24 million bpd.

The NUPRC Chief Executive attributed several factors to the gap between current production and technical potential. These include the lack of adoption of advanced oil recovery technologies, high operational costs, entry barriers for new players, and the non-optimisation of production processes.

Komolafe emphasised that addressing these challenges is crucial to unlocking Nigeria’s full production capacity and boosting its oil revenue.