Abuja:Nigeria’s crude oil production has risen to 1.821 million barrels per day (bpd), a development attributed to improved regulations and upstream activities, according to Sen. Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil). He made the announcement at the fifth anniversary of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
According to the News Agency of Nigeria, the increase in production results from enhanced collaboration between the commission, government, and industry stakeholders, alongside efforts to eliminate investment bottlenecks. The government has encouraged the commission to focus on enabling businesses and investments rather than merely introducing regulations.
The minister emphasized that improvements in the operating environment had accelerated activities in the upstream sector, with Nigeria achieving more than 80 percent success in enhancing production. The number of active drilling rigs has significantly increased from fewer than 10 to over 70, which is crucial for reaching Nigeria’s target of producing about three million bpd.
He also stated that Nigeria’s vast petroleum reserves could only yield economic value if the government continues to foster a conducive investment environment and grants licenses to capable investors. The minister urged the NUPRC to maintain its reforms and provide effective regulatory services.
Dr. Ekperikpe Ekpo, the Minister of State for Petroleum Resources (Gas), represented by Mrs. Patience Oyekunle, highlighted that regulatory stability should lead to increased investment, faster project delivery, and more economic value. The PIA 2021 has laid a stronger institutional and regulatory framework, improving governance, transparency, and processes.
Ekpo stressed the importance of regulatory efficiency in developing commercially viable gas projects, given Nigeria’s vast natural gas resources and their potential for industrialization and regional economic growth. He encouraged NUPRC to continue enhancing regulatory stability and transparency.
Mr. Bayo Ojulari, Group CEO of Nigerian National Petroleum Company Limited (NNPC Ltd.), noted that effective regulation should facilitate business, investment, and sustainable value creation. NNPC Ltd. is progressing in increasing production, reducing costs, and attracting new investments.
Sen. Magnus Abe, Chairman of the NUPRC Governing Board, remarked on the significant progress made in strengthening regulatory processes and creating an investment-friendly environment. He emphasized the commission’s focus on increasing production, attracting investment, and responsibly managing natural resources.