According to reports, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced a significant decline in crude oil theft, bringing the volume down to 5,000 barrels per day. This reduction has led to an increase in oil production, which now stands at 1.75 million barrels per day as of January 2025.
NUPRC’s Chief Executive, Gbenga Komolafe, revealed these developments at the Renewed Hope Global Town Hall Conference in Abuja. He emphasized that both kinetic and non-kinetic strategies have played a vital role in curbing oil theft and boosting production.
“In 2022, Nigeria’s crude oil production dropped to 1.1 million barrels per day due to theft. However, through various interventions, we have successfully reduced theft to 5,000 barrels per day, allowing production to increase steadily to 1.7 million barrels per day,” Komolafe stated.
Komolafe projected that oil production could increase by another one million barrels per day by 2026 under the Project 1 MMBOPD initiative. This plan will involve collaboration among industry operators, service providers, financiers, and host communities to maximize Nigeria’s oil output.
Gas production has also witnessed a boost, reaching 7 billion standard cubic feet per day. The implementation of the Petroleum Industry Act (PIA) in 2021 has facilitated regulatory reforms aimed at increasing oil and gas reserves, improving hydrocarbon accounting, and ensuring cost efficiency while promoting decarbonization efforts.
“In May 2023, NUPRC launched a 10-year Regulatory and Corporate Strategic Plan (2023–2033), alongside a 2024 Regulatory Action Plan, outlining key industry reforms,” Komolafe explained.
With Africa ranking among the world’s top oil-producing regions, Nigeria holds the second-largest oil reserves on the continent, estimated at 37.5 billion barrels. It also has the largest gas reserves, standing at 209 trillion cubic feet.
Oil production currently averages 1.75 million barrels per day, while gas production remains steady at 7 billion standard cubic feet daily. To attract more investment, NUPRC has initiated the 2024 Licensing Round, offering 24 oil and gas assets to investors.
The commission has conducted global roadshows in Houston, Miami, London, and Paris, highlighting Nigeria’s energy potential to international investors.
SOURCE: Salen_Kenniean
