Nigeria’s Crude Oil Production Rises to 1.8mbpd as Finance Minister Commends NUPRC

Nigeria’s Crude Oil Production Rises to 1.8mbpd as Finance Minister Commends NUPRC

Nigeria’s daily crude oil production has risen to approximately 1.8 million barrels per day, marking a significant improvement in the country’s oil output, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced.

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The development was disclosed in a statement issued by the Commission’s Head of Media and Corporate Communication, Eniola Akinkuotu, following a meeting between the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and the Chief Executive of the NUPRC, Oritsemeyiwa Eyesan, in Abuja.

Commending the Commission for the progress, Edun described the increase in production as a positive development aligned with the mandate of Bola Ahmed Tinubu.

“It is heartening that you can tell us that you are doing 1.84 million barrels per day. That is fantastic news and totally in line with the President’s mandate. Please keep it up,” Edun said.

The minister, while noting the impact of the ongoing crisis in the Middle East, emphasised that the directive to ramp up production predated the conflict. He urged the Commission to sustain the upward trajectory and work towards achieving the target of 2 million barrels per day.

“What matters is not just reaching certain heights but sustaining it. The trajectory should be maintained, and the magic figure is 2mbpd,” he added.

Speaking earlier, Eyesan confirmed that Nigeria’s oil production had climbed to 1.84mbpd, describing it as a remarkable feat while expressing optimism for further growth.

She attributed the earlier dip in production in February to operational challenges, including incidents on key facilities and scheduled maintenance, noting that these issues have since been resolved.

“We are seeing production ramping up, and we are confident of doing even more,” she said.

Eyesan also provided updates on the 2025 licensing round, revealing that the process had progressed to the technical and financial evaluation stage. She expressed confidence in the sector’s growth, citing provisions in the Petroleum Industry Act, including the “drill or drop” clause, which enables the revocation of inactive oil blocks.

According to her, some of the newly offered acreages could commence production within a year, with indigenous operators demonstrating increasing capacity in the sector.

She further disclosed that the Commission has complied with Executive Order 9 of 2026, which mandates the suspension of the 30 per cent Frontier Exploration Fund deduction and directs its remittance to the federation account.

Data from the Commission indicates that Nigeria’s oil production, including condensates, increased significantly from 1.48 million barrels per day in February to 1.84 million barrels per day in March, reflecting renewed momentum in the country’s petroleum industry.

Nigeria’s Crude Oil Production Rises to 1.8mbpd as Finance Minister Commends NUPRC