FG plans additional 1mbpd oil production in 24 months

The Federal Government, through the Nigerian Upstream Petroleum Regulatory Commission, has announced plans to significantly increase oil production by one million barrels per day over the next 12 to 24 months, with the aim of enhancing the country’s energy output and contributing to economic growth.

The initiative seeks to boost current oil production capacity from 1.6 million to 2.6 million barrels per day by 2026.

The Chief Executive Officer, Gbenga Komolafe, stated this during an event celebrating the third anniversary of the commission’s establishment on Monday in Abuja.

He highlighted that the project represents a collaborative industry-wide initiative, designed to develop solutions that will unlock additional oil production in both the short and medium term. He also called for the support of all stakeholders.

He said, “The implementation of the plan, called the ‘Project One Million Barrels Increase of Oil Per Day Initiative’, is to be launched today by His Excellency.

“The project is an industry collaborative initiative aimed at creating solutions to unlock incremental oil production in the short to medium term, with expanded opportunities for all industry stakeholder groups.
“We see value for all producers, service providers, rig owners, financiers, and crude oil off-takers, among others.

“Our actions here today will be pivotal to production sustainability, energy security, and economic resilience, all in the overall national interest.
“As we look intently to the future, I call on all of us, our partners, investors, and stakeholders to join hands with the government on this journey.”

However, the Minister of Petroleum Resources (Oil), Heineken Lokpobiri, challenged the current target, stating that it is insufficient and should be increased to 2.5 million barrels per day.

Nigeria has been struggling to meet the 1.5 million barrels per day quota set by the Organisation of Petroleum Exporting Countries (OPEC).
Therefore, the latest target indicates that the country is on course to achieve an oil production level of 4 million barrels per day and gas production of 10 billion cubic feet by 2030.