The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has revealed that Nigeria’s technical crude oil production potential stands at 2.24 million barrels per day (bpd), significantly higher than the current production quota of 1.75 million bpd.
Speaking at the Nigeria International Energy Summit in Abuja on Wednesday, NUPRC Chief Executive, Gbenga Komolafe disclosed that the country's crude oil production has surged by 70% since 2021, signaling progress in the upstream sector.
Komolafe emphasized that despite Nigeria’s current average production of 1.75 million bpd, the country has considerable untapped potential. This highlights the need for enhanced investment and regulatory strategies to maximize output.
This, he said, is due to the non-adoption of cutting-edge oil recovery technologies, significant costs, entry barriers, and the non-optimisation of production processes.
He said, “While our current production averages around 1.75 million barrels per day, our technical potential is 2.24 million. The Commission is working assiduously to bridge the gap between actual production and potential through actions aimed at improving transparency, driving collaboration with E&P companies, ensuring financial viability, fast-tracking field developments, adopting cutting-edge improved oil recovery technologies, reducing costs, eliminating entry barriers, and optimizing production.