The Nigerian government has promised to uphold its crude oil production above a monthly average benchmark of 1.5 million barrels per day.
Gbenga Komolafe, the esteemed Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, unveiled this commitment at the recent Project One Million Barrels Initiative.
In July, Nigeria’s average daily crude production soared to an impressive 1,507,000 barrels per day, as highlighted in a report by OPEC; this marks a remarkable 7,000-barrel-per-day increase above the organization’s allocated quota for the nation.
In his remarks, Komolafe emphasized that Nigeria is fervently accelerating crude oil production by rejuvenating dormant fields, expediting regulatory approvals, and improving operational efficiencies throughout the upstream value chain. He asserted that the current administration has successfully elevated oil (both crude and condensate) output from 1.4 mbpd to 1.7 mbpd.
He indicated that the recent surge in oil production by approximately 300,000 bpd affirms the government’s endeavors to reach the ambitious target of 2 mbpd oil output.
“With a definitive goal of boosting production from 1.46 million barrels per day to 2.5 million bpd by 2026, the initiative has already exhibited robust momentum, with current unverified daily production averaging between 1.7 and 1.83 mbpd,” he stated.
